EUR/GBP has hit new lows for the year. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to plunge towards the 0.8239 2019 low and the 200-month ma at 0.8159.
Rallies to find initial resistance at the previous 0.8471 low
“EUR/GBP has charted new lows for the year of 0.8402, this has yet to be confirmed by the daily RSI, but we shall go with it for now.”
“While we hold below the 55-day ma at .8531 we will stay negative for now.”
“Attention is on the 0.8239 2019 low and 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 0.8531 and will need to regain this in order to alleviate downside pressure and to challenge the 0.8659/73 highs since May.”