FXStreet reports that Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the 0.8471/49 band holding the downside in EUR/GBP for the time being.

“EUR/GBP is under pressure near term following last week’s failure just ahead of .8671, the July 2021 high. The market has reacted back to key support at .8505/00, the lows from mid-July, and these are exposed and failure here will target key support is .8471/49, the recent low and lows since 2019. We again look for these to hold the downside.”