EUR/GBP heads to the five-year uptrend at 0.8591 – Commerzbank

The EUR/GBP pair is heading to the 2016-2021 uptrend at 0.8591. A break below here would expose the May 2019 low at 0.8465, Team Head FICC Technical Analysis Research at Commerzbank, informs. 

Key quotes

“EUR/GBP resumed its down move last week and starts this week with attention on the 2016-2021 uptrend at 0.8591, we look for this to hold the initial test. Failure at 0.8591 would target the 0.8465 May 2019 low.” 

“Initial resistance is the accelerated downtrend at 0.8720 and this is the minimum that needs to be overcome to alleviate downside immediate pressure. Above here lies 0.8864/61 (lows seen in June, September and November) while capped here overall attention will remain on the downside.”