• Trend indicators like the RSI shows EUR/GBP is deeply oversold

• German-French spreads are at fresh highs, so the cross can still get more oversold

• French risks are not going away, instead, they are growing

• Oversold readings caution against chasing the cross low

• But with EUR sentiment worsening, there is little appetite for a rebound

• Initial support remains at 0.8356, followed by 0.8333
EURGBP vs spread

Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))