EUR/GBP Tumbles to 0.7930 on EUR Weakness
EUR/GBP has accelerated its daily decline to the area of 0.7930. or multi-day troughs.
EUR/GBP in 2-week lows
The
European cross is posting weekly losses for the first time after five
consecutive advances - including a fresh cycle in the vicinity of 0.8120
- following a generalized selling interest around the euro amidst a
solid risk-on environment.
Contrasting with the soft tone around
the shared currency, the sterling has recovered from earlier drops and
has now managed to pick up some pace, all contributing to the deep
pullback in the cross.
EUR/GBP key levels
The
cross is now losing 0.55% at 0.7938 facing the next support at 0.7900
(psychological level) ahead of 0.7825 (low Mar.29) and then 0.7821
(55-day sma). On the flip side, a breakout of 0.8119 (2016 high Apr.7)
would expose 0.8349 (monthly high Feb.6 2014) and finally 0.8401 (2014
high Mar.18).
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