FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the cross to remain on the bearish camp below the 0.8033 level.
“EUR/GBP is in marginal new 21 month lows”.
“We suspect a close below .7950 will act as the trigger for the next leg lower to get underway. Below .7950 will signal another leg lower to the .7757 2012 low”.
“The market will remain directly offered below last weeks high at .8033 and make no impact whatsoever while below the .8067 3 month downtrend”.
“The .8067 downtrend guards the .8149/59 February low and June high”.