EUR/GBP: Late February high at 0.8732 to cap rallies, attention on the 0.8471/65 zone – Commerzbank

The EUR/GBP pair charted a key day reversal on Friday from 8.8722 and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects a slide towards the  0.8471/65 area. 

Failure at 0.8471/65 to target 0.8314/0.8239 

“Attention reverts to the March and May 2019 lows at 0.8471/65.”

“Rallies should now struggle at 0.8722 and are likely to remain capped by 0.8732, the end of February high.” 

“Initial support is offered by the 20-day ma at 0.8604 ahead of key support at 0.8471/65.” 

“Below 0.8465 we would have to allow for the 0.8314/.8239 major support zone to be reached (the December 2016, April 2017, December 2019 and February 2020 lows).