EUR/GBP: Failure at 0.8471/65 to target the 0.8314/0.8239 zone – Commerzbank

EUR/GBP is back under pressure. The pair has failed at tough resistance at 0.8722/32 and Karen Jones, Team Head FICC Technical Analysis Research, expects to see a test of the 0.8471/65 neighborhood.

See – EUR/GBP: Possible Scottish referendum to prevent a return to pre-Brexit levels – SocGen

EUR/GBP is offered below 0.8732

“EUR/GBP continues to ease back from the 0.8722/32 tough resistance. It looks to have failed and attention again reverts to initial support at 0.8533, the mid-March low and the March and May 2019 lows at 0.8471/65. We favour failure.” 

“Below 0.8465 we would have to allow for the 0.8314/.8239 major support zone to be reached (the December 2016, April 2017, December 2019 and February 2020 lows).”