EUR/GBP slides further, hits fresh lows under 0.7000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/GBP continues to move with a bearish bias amid a weak euro and a stronger pound supported by inflation data from the United Kingdom. The pair is testing the psychological area of 0.7000.

    It is trading at 0.7004, falling for the fourth time out of the last five day. It bottomed at 0.6993, the lowest level since early August.

    EUR/GBP eyes 2015 lows

    If it breaks and consolidates under 0.7000, attention would turn to 0.6935/40 where 2015 lows are located; if it falls below 0.6930 it would be trading at the lowest level in 8 years.

    The bearish tone is likely to persist in the short term as the price remains within a downside channel. The upper limit of the channel could be seen at 0.7065, a break higher could remove bearish pressure.
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