Occasional dips in the European cross should meet initial support in the 0.8800 neighbourhood, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
“EUR/GBP is about to encounter the .8926 mid January high and the 8959 top of the channel. Initial support lies circa .8800. Key nearby support is offered by the December and January lows at .8689/87. While these hold we remain unable to rule out recovery to the .9034 October 2017 high. This remains the barrier to the .9071/.9175 61.8% and 78.6% Fibonacci retracements”.
“Below .8687 would target the 0.8651 June low and longer term the .8526/78.6% retracement”.
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