EUR/GBP Drops to 3-Week Lows

EUR/GBP Drops to 3-Week Lows

20 April 2016, 17:19
Roberto Jacobs
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EUR/GBP Drops to 3-Week Lows

EUR/GBP broke a 24-hour trading range with resistance at 0.7915 and support at 0.7885 and dropped to 0.7867, hitting the lowest level since the beginning of the month.

The pair remains near the lows, weakened by a stronger pound in the market. While GBP/USD remains near 1.4400 consolidating yesterday’s gains, EUR/USD is retreading trading at daily lows close to 1.1300. The pound in among the top performers in the market as it continues to rally.

EUR/GBP extends retreat

The pair is about to post the second weekly loss in a row, the first time to do so since November 2015 as it continues to retreat after hitting three weeks ago multi-years highs above 0.8100.

An improvement in polls of the position in favor of the UK remaining in the European Union supported the pound, that is rising today, despite weak economic data.

(Market News Provided by FXstreet)

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