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Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, suggested occasional bullish attempts in the European cross should meet initial hurdle in the 0.8630 area.

Key Quotes

EUR/GBP has at last started to correct higher near term. We still have positive divergence on the daily RSI and may thus bounce near term. Rallies will find a minor downtrend at .8633 ahead of the four month downtrend line at .8795. Overhead resistance is reinforced by .8786 the mid-September low”.

“Beyond this there is scope for the slide to extend to the .8465 2019 low. We note the TD support at .8485 and we look for the market to hold here”.