EUR/GBP remains negative in the longer run – Commerzbank

Pablo Piovano FXStreet

Karen Jones, Head of FICC Technical Analysis at Commerzbank, said the failure around 0.8780 should shift the attention back to 0.8445.

Key Quotes

“EUR/GBP has rallied towards and is stalling at the 3 month resistance line at .8784. Failure here should re-focus attention back to the near term support offered by the 7 month uptrend at .8445. Intraday dips are currently indicated to hold circa .8650”.

“We maintain a longer term negative bias and below .8427, we look for a retest of the 200 day ma at .8363 and the recent low at 0.8304. Failure here will trigger another leg lower to the 0.8170 50% retracement”.

1. R3 0.8827
2. R2 0.8796
3. R1 0.8738
PP 0.8707
1. S1 0.8649
2. S2 0.8618
3. S3 0.8560

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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