According to Karen Jones, analyst at Commerzbank, EUR/GBP is likely to consolidate further below its recent highs of 0.8941/46.
“In case this resistance area were to be exceeded on a daily chart closing basis, we would look for gains to the early August and September highs at .9031/54 to unfold.”
“Risks are on the topside and the market stays bid near term while above the .8810/00 support. Slips should find support between the July low at .8799 and the November 12 high at .8774.”
“Further support sits at the October trough at .8723.”