EUR/GBP has seen emphatic failure at tough resistance at 0.8722/32. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair t o extend its fall towards the 0.8471/65 neighborhood.
Failure at 0.8471/65 to target 0.8314/0.8239
“EUR/GBP has again failed at the 0.8722/32 tough resistance (highs from March). It is probing the 0.8588 the mid-April low and we continue to favour failure and a slide to 0.8533, the mid-March low. Below here targets the March and May 2019 lows at 0.8471/65.”
“Below 0.8465 we would have to allow for the 0.8314/0.8239 major support zone to be reached (the December 2016, April 2017, December 2019 and February 2020 lows).”
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