EUR / GBP is heading towards the 2016-2021 uptrend at 0.8591. A break below would expose the May 2019 low at 0.8465, informs the FICC’s head of technical analysis research at Commerzbank.
EUR / GBP resumed its bearish movement last week and starts this week with attention to the 2016-2021 uptrend at 0.8591, we expect this to hold the initial test. Failure at 0.8591 would target the May 2019 low at 0.8465. ”
Initial resistance is the accelerating downtrend at 0.8720 and this is the minimum that needs to be overcome to ease the immediate downward pressure. Above is 0.8864 / 61 (the lows seen in June, September and November) while capped here, overall attention will remain on the downside. “