EUR/GBP: Attention on the downtrend – Commerzbank

EUR/GBP has rallied to and so far failed at the 20 day ma at .8407. This has focussed our attention onto the downtrend at .8451, analysts at Commerzbank inform.

Key quotes

“Rallies will need to overcome the downtrend for attention to revert to the .8606/10 nearby resistance. A close above .8610 is needed to negate downside pressure and re-target the .8752 200 day ma.”

“Only below .8281 focus is on the .8239 low and the 55 quarter moving average at .8226, which represents key support.”