The pair descended below the level of 1.12 and since then has been moving in a narrow range. The euro crossed two significant levels last week, however the downward movement will be limited by the growth of the euro paired with the pound.
Dollar sales on Friday helped the pound to gain a foothold in the area above 1.30, but today the currency started the day with a bearish gap losing 0.3% at the opening. The pair tested a minimum in the area of 1.2973 and attempts to return to the area above 1.30 were unsuccessful.
The pair started at 111.02 and reached the resistance in the area of 111.60 by the middle of the session in Tokyo. This area is holding back further growth.