EUR/GBP: Break below YTD lows at 0.8449 to open the 0.8239 2019 trough – Commerzbank

FXStreet Insights Team FXStreet

EUR/GBP is approaching this year's lows at 0.8471/49. A break below here would expose the 0.8239 2019 low, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Rallies to find initial resistance at the 0.8544 55-DMA

“EUR/GBP is under pressure near term following last week’s failure just ahead of 0.8671, the July 2021 high. The market has reacted back to key support at 0.8471/49, the recent low and lows since 2019. We again look for these to hold the downside.”

“Rallies will find initial resistance at the 55-day ma at 0.8544.”

“Below 0.8449 would target the 0.8239 2019 low.”

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