UK: CBI Distributive Trades Survey - Realized down to 0 in March against expectations

Commerzbank analysts see the EUR/GBP under pressure and focused on the 0.8448 February low (50% retracement of the move higher seen this year) “and price action around this zone should prove pivotal for both short and medium term direction”, wrote analyst Karen Jones. “We suspect that this will hold the initial test. We continue to believe that EUR/GBP is forming a top. Resistance is seen at the March 15 0.8603 low”, she added, pointing to further resistance at 0.8683/84 (February 13 and March 1 highs) ahead of 0.8715, the February 1 high, that keeps the pressure on the downside.