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The European cross has now shifted its focus to the 0.8700 neighbourhood in light of the recent performance, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

EUR/GBP has eroded the 2017-2018 support line at .8767 which leaves attention still on the 8700/.8697 June low. Failure here would target the .8620 2018 low. The sell-off has so far reached .8723, the 78.6% retracement and we are seeing a small rebound here – we will attempt to sell the rallies”.

“Rallies will find initial resistance at .8836 200 day ma ahead of .8923 the 55 day ma and will now stay offered below here”.