Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the possibility that the cross could test the 0.7565 area. Key Quotes “EUR/GBP has eroded its near term uptrend and sold off to the 23.6% retracement at 0.7702, where it currently sits”. “The risk is that we will see a deeper retracement to .7565, 38.2% retracement and potentially 0.7454, the 50% retracement”. “The market increasingly looks to have topped here and we will for now neutralise our forecast”. For more information, read our latest forex news.