EUR/GBP: approaching its 3 month downtrend - Commerzbank

Karen Jones, Analyst at Commerzbank, offer her technical view for the EUR/GBP pair's possible near-term movement.

Key quotes:

“EUR/GBP is approaching the .8898 4 month resistance line. While capped here a negative bias will remain entrenched. However dips lower are indicated to hold circa .8830 and this trendline is now exposed. Above the .8898 resistance line should be enough to trigger a move to the .9034 October high.”

“Key near term resistance is the .9034 12th October 2017 high. This guards the .9308 August high.”

“It recently sold off to the 61.8% retracement of the move seen this year at .8697. A close below here targets the .8530/78.6% retracement of the move seen this year.”