EUR/GBP at new 18 month lows, the 0.8239 2019 trough is in its sights – Commerzbank

EUR/GBP is in new 18 month lows. The pair fell below the key support at 0.8471/49 on Friday and is set to target the 0.8239 2019 low, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Rallies to find initial resistance at the previous 0.8471

“EUR/GBP on Friday eroded key support at 0.8471/49, which represented the recent low and lows since 2019. This was an extremely negative price action. The break of this support leaves attention on the 0.8239 2019 low.”

“The 200-month ma lies at 0.8159.”

“Rallies will find initial resistance at the previous low at 0.8471 and the 55-day ma at 0.8538 and will need to regain this to challenge the 0.8659/73 highs since May.”