Karen Jones, analyst at Commerzbank, notes that EUR/GBP continues to sit just below the .8610 resistance, a close above here is needed to confirm that the market has based and is likely to act as a trigger on the topside to .8781, the 200 day ma.
“For now we are relatively neutral. While capped by the .8610 resistance, support at .8453 remains exposed. This guards the .8239 recent low and together with the 55 quarter moving average at .8226 this represents key support.”
“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.”