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Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, noted that occasional bullish attempts in the European cross could run out of steam in the 0.8380 zone.

Key Quotes

EUR/GBP is finding some near term support around .8300 and is seeing a minor bounce. Rallies are likely to struggle .8380 – the January low. The market remains overall under pressure and the focus on the .8239 low and the 55 quarter moving average at .8226, which represents key support. The outlook is negative while capped by the downtrend at .8476 (drawn from the August high).”

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

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