EUR/GBP to test the 0.8659/73 highs on a break above 55-DMA at 0.8542 – Commerzbank

EUR/GBP continues to hold this year's lows at 0.8471/49. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to challenge the 0.8659/73 highs on a break above the 55-day moving average (DMA) at 0.8542.

EUR/GBP is well supported down to 0.8471/49

“EUR/GBP continues to hold at key support at 0.8471/49, which are the recent low and lows since 2019. We again look for these to continue to hold the downside.”

“Rallies will find initial resistance at the 55-DMA at 0.8542 and will need to regain this to challenge the 0.8659/73 highs since May.”

“Below 0.8449 would target the 0.8239 2019 low.”