EUR/GBP: Downside still to play for below 0.7230- CB

FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted that the EUR/GBP had eroded the March 19 low at 0.7155 and in doing she said it has negated their upside bias.

"This retargets the 0.7015 March low and 0.7000 psychological support. Currently this is indicated to hold the downside again."

"A close below here will see the next major downside target engage at 0.6571/41, the 2007 low."

"55-day moving average is at 0.7284."

"Rallies will find initial resistance at 0.7230 ahead of 0.7267/83, which represents the 55-day ma and the 2015 downtrend.