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Karen Jones, analyst at Commerzbank, points out that the EUR/GBP cross has seen complete rejection from the 55 day ma at .8707, which leaves the attention on the .8471 recent low and there is a risk of a slide to the 200 week ma at .8397.

Key Quotes

“Initial resistance lies at .8722 (22nd February high) and.8842 (200 day ma). While capped here, a negative bias remains.”

“The market is expected to struggle on rallies to the 200 day ma at .8842, and only above here allows for a move to the October .8941 high, which is expected to contain the topside.”