EUR/GBP bearish below 0.7992 – Commerzbank

According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the European cross will keep its negative stance while below 0.7992.

Key Quotes

“EUR/GBP remains below the February high at .7927 and now tests the 55 day moving average at .7858”.

“We view the currency pair as having topped at .8116 and expect it to decline over the next few weeks, eventually reaching the .7755/.7654 area. It is where the January high and the March low can be seen”.

“Immediate downside pressure will be maintained while no rise above this week’s high at .7992 occurs”.