EUR/GBP: Scope to plummet towards the April low at 0.8471 – Commerzbank

EUR/GBP is slipping back to the 0.8560 May low below which lies 0.8471, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Offered below 0.8732

“EUR/GBP is sliding back towards the May low at 0.8560 below which the February and mid-March lows can be spotted at 0.8549/33. Further down sits the April low at 0.8471.” 

“Immediate downside pressure should retain the upper hand while the cross stays below the 0.8643 June 10 high. Slightly further up the late May high can be spotted at 0.8673.” 

“Key resistance remains to be seen at 0.8722/32, the late February and April highs. This would need to be overcome in order to negate downside pressure.”