EUR/GBP Sinks to Lows Near 0.8000
The increasing buying interest around the British pound is now relegating EUR/GBP to trade in fresh lows in the boundaries of the psychological support at 0.8000.
EUR/GBP lower on GBP/JPY buying
GBP
has been rallying vs. its major rivals since early in the European
morning, currently trading in session highs vs. USD, JPY and EUR, while
market participants continue to point to stops being triggered as the
main driver behind the ongoing up move.
Ahead in the week,
tomorrow’s inflation figures in the UK economy and the BoE’s MPC meeting
on Thursday will be the most relevant events this week.
In the
meantime, the cross continues to challenge the 0.8000 key support,
extending the drop from fresh multi-month highs near 0.8120 recorded
last Thursday.
EUR/GBP key levels
The
European cross is now losing 1.02% at 0.7996 facing the next support at
0.7942 (20-day sma) ahead of 0.7825 (low Mar.29) and then 0.7819 (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).
(Market News Provided by FXstreet)
