According to Karen Jones, analyst at Commerzbank, EUR/GBP is trying to recover but its path is blocked by the 5 month downtrend at .8575 and the 55 day ma at .8539.
“Near term while capped here, a negative bias will persist. We will err on the bearish side and allow for another failure and possible retest of the .8239 recent low, together with the 55 quarter moving average at .8226. Above the .8609 December high would allow for a test of the 200 day ma at .8783.”
“Below .8226 remain the June and October 2012 highs as well as the April 2016 high and the January and February 2014 lows at .8167/18.”