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The Euro reversed at 0.8720 on Friday and pulled down al,l the way to re-test 2010 low at 0.8600 on Monday, which, according to Karen Jones, will remain in place with the pair bouncing up to 0.8732 area.

January's low will remain on place, says Jones, as Euro rebound is expected to reach 0.8730 area: "EUR/GBP has sold off to its January low at .8603. We would allow for this to hold the initial test, and allow for a rebound towards 0.8732, the 23.6% retracement of the slide lower throughout March and April."

On the downside Jones points out to 0.8565/55 support area: "While capped here there remains a risk of a deeper sell off to the 0.8565/55 supports. This is the long term pivot and 38.2% Fibonacci retracement of the 2007-2008 advance – this should hold the initial test and prompt a rebound."