EUR/GBP: The 0.8615 resistance caps the strong rebound – Commerzbank


EUR/GBP failed to make any impact on the 7th September high at 0.8615 and the market has headed lower. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to stabilize below this level.

See: EUR/GBP to move downward towards 0.83 by end-2022 – Danske Bank

The 0.8615 resistance has held the initial test

“The market has recently seen quite a strong reversal from the 0.8505/00 support, the lows from mid-July, and we suspect that further ranging is likely.”

“Initial resistance lies at 0.8615/20, and above here would allow for 0.8656, the 200-day ma and 0.8671, the July 2021 high. Above here lies the 0.8722 April high.”

 

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