EUR/GBP has sold off to the 0.8471 long-term pivot, this is currently being eroded. A break below here would imply a slump as low as the 200-month moving average at 0.8142, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.

EUR/GBP on pivotal support

“Failure at 0.8471/65 on a closing basis would target 0.8314/.8239 as well as the 200-month moving average at 0.8142.” 

“Initial resistance is the 20-day ma at 0.8542 and the 55-day ma at .8571 and the market will remain on the defensive while capped here.”