EUR/GBP has quickly left behind the critical 0.7800 support on Friday, extending the pullback to fresh daily lows in the 0.7785/80 band. EUR/GBP weaker on GBP-strength The cross met increasing selling orders following a strong rebound in GBP sentiment, all in response to the BoE comments on its Quarterly Bulletin. In fact, the Bank of England has somewhat downplayed the inherent risks of a Chinese slowdown to the UK economy, adding legs to the sterling and accelerating the decline in the European cross. EUR/GBP key levels The European cross is now losing 0.40% at 0.7784 and a break below 0.7693 (38.2% Fibo of 0.7310-0.7931) would aim for 0.7689 (55-day sma) and finally 0.7620 (50% Fibo of 0.7310-0.7931). On the other hand, the initial hurdle aligns at 0.7913 (high Mar.17) ahead of 0.7931 (2016 high Feb.25) and then 0.8000 (psychological handle). For more information, read our latest forex news.