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In opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the cross is expected to accelerate the downside if 0.8380 is cleared.

Key Quotes

EUR/GBP is seeing a small rebound from the 61.8% retracement at .8380, which is viewed as consolidation only. The market remains under overall pressure having recently failed at the .8610 resistance. Failure at .8380 will target .8318/78.6% retracement and the .8239 December low. This, together with the 55 quarter moving average at .8226, represents key support. The intraday Elliott wave count is conflicting, but for now we will look for failure.”

“Below .8226 remain the June and October 2012 highs as well as the April 2016 high and the January and February 2014 lows at .8167/18.”