The euro has been falling for the seventh consecutive day, while yesterday for a short time it broke through the technically important level of 118.00 and reached a minimum level for the last four and a half months. Today the pair reached this level again. If EUR/JPY brakes it, the pair will fall in the middle of the range 115.00-116.00.
The pair reached the support level of 110.60-50. Over the past eight trading days it has held down the downward dynamics. On the one hand, it makes the support level stronger, but on the other - increases the risks of large-scale movement if the pair brakes this level.
The pair is consolidating after a two-day down move and obviously is not ready to move into the new range. Most likely, the support zone 1.2400/20 will restrain the downward move in the GBP/USD at least until investors have significant reasons for buying the dollar.
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