EUR/GBP Tumbles to 0.7930 on EUR Weakness

EUR/GBP Tumbles to 0.7930 on EUR Weakness

13 April 2016, 14:09
Roberto Jacobs

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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