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.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD: Gains remain capped by 1.1650

EUR/USD remains in recovery-mode following the closing bell in Euroland on Wednesday, hovering around the 1.1650 zone amid renewed downside pressure on the US Dollar and a marginal improvement in the global sentiment.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold struggles to surpass $5,200

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.