EUR/GBP: Attention on the downtrend – Commerzbank

EUR/GBP has seen an aggressive rally higher, which has so far been contained by the 20 day ma at .8411. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, advises the next movements in the pair.

Key quotes

“It has once again focussed our attention onto the downtrend at .8457. Rallies will need to overcome the downtrend for attention to revert to the .8606/10 nearby resistance. A close above .8610 is needed to negate downside pressure and re-target the .8754 200 day ma.”

“Reinstate tiny shorts on rallies to .8450, stop .8463.”