The EUR/GBP is consolidating its losses from the previous day. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, believes the pair will be under pressure as long as it remains below 0.8643.
“On Friday, EUR/GBP tested the 55-day moving average at 0.8617, which has held the upside thus far. This is currently insufficient to counteract the downside, and immediate bearish pressure should continue to prevail as long as the cross remains below the 0.8643 June 10 high. The late May high can be found at 0.8673, which is slightly higher.”
“While 0.8643 serves as a ceiling, we can’t rule out a drop to last week’s low of 0.8530, or even lower to the April low of 0.8471.”
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