EUR/GBP to target July and June lows – Commerzbank

The EUR/GBP pair is trading just below the 11 August low at 0.8969. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the cross to target 89.31 and 0.8864, July and June lows, respectively.

Key quotes

“EUR/GBP has failed at the four-month resistance line, charted an outside day to the downside and eroded the support line. The low from the 11th August at 0.8969 is exposed. Failure here will target the 0.8931 July low and the June low at 0.8864.” 

“Above the market lies the 0.9078 and 0.9123 resistance lines and these guard the recent high at 0.9178.”