EUR/GBP - Downside pressure is building - Commerzbank

EUR/GBP dropped more than 60 pips yesterday to 0.8765 after facing rejection at 200-day MA in the second half of last week. 

As of writing, the currency pair is trading largely unchanged on the day at 0.8767 levels. The big move lower has opened doors for 0.8697 - recent low, says Commerzbank Analyst Karen Jones and adds that a close below 0.8697 would target .8530/78.6% retracement of the move seen this year.