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The stance on the European cross should stay negative as long as it trades below 0.8824, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“Despite a recovery, EUR/GBP‘s outlook stays negative while capped by its downtrend from August last year at .8824 and its 200 day ma at .8855, and we maintain a negative bias while capped here”.

“We will continue to target .8526, the 78.6% retracement of the move from 2017. En route are the .8689/87 December and January lows. Further down sits the .8620 April low and a support line at .8560″.