EUR/GBP: Downside pressure persists below 0.8732/22 – Commerzbank

Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, noted EUR/GBP faces a key resistance in the 0.8732/22 band.

Key Quotes

“EUR/GBP has now reached the February and mid-March lows at .8549/33 and dropped to its current June low at .8530 before recovering. Further down sits the April low at .8471.”

“Immediate downside pressure should retain the upper hand while the cross stays below the .8643 June 10 high. Slightly further up the late May high can be spotted at .8673.”

“Key resistance remains to be seen at .8722/32, the late February and April highs. This would need to be overcome in order to negate downside pressure.”