Karen Jones, analyst at Commerzbank, suggests that EUR/GBP remains stuck below last week’s high at .8606 but above last week’s low at .8522 and below the latter a minor psychological mark can be seen at .8500 as well as the May low at .8465.

“We note the TD support at .8485 and we look for the market to hold here. Above last week’s high at .8606 lies a minor downtrend channel resistance line at .8629 ahead of the four month downtrend line at .8780. Overhead resistance is reinforced by .8786 the mid-September low. Resistance above the October high at .9022 comes in at the .9149 September high. A rise above the next higher .9327 level would lead to the 2016 peak at .9403 to be in focus.”