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According to Karen Jones, analyst at Commerzbank, EUR/GBP has held sideways and it is likely that the market would allow for gains to .8890 where we can look for signs of failure.

Key Quotes

“We have minor support at the .8745/23 band and this guards the .8620/18 lows. Only failure at .8620/18 would suggest ongoing weakness to the base of the channel at .8545 and potentially the 200 week ma at .8357.”

“The market is expected to struggle on rallies to the 200 day ma at .8863, and only above here allows for a move to the 55 day ma at .8887 and this, together with the October .8941 high, are expected to contain the topside.”