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EUR/GBP hits fresh lows near 0.7930

FXStreet (Edinburgh) - The better-than-expected labour market figures in the UK economy are lifting the pound on Wednesday, dragging EUR/GBP to the lower 0.7900s so far.

EUR/GBP softer post-UK data

The cross came under pressure in the wake of the UK data releases, showing that the unemployment decreased by 37.2K vs. 30.0K and the jobless rate ticked lower to 6.2% in the three months ended in July. Further data from the BoE minutes revealed a 7-2 voting pattern favourable to leave the monetary policy unchanged, with the lending benchmark at0.5% and the asset purchase facility at £375 billion. In the opinion of Dmytro Bondar, Technical Analyst at RBS, “the short term view is pretty neutral with a possible rebound to 0.8100 but expected further downside to 0.7764”.

EUR/GBP key levels

At the moment the cross is losing 0.12% at 0.7954 with the immediate support at 0.7935 (low Sep.8) followed by 0.7903 (low Sep.2). On the flip side, a breakout of 0.8010 (high Sep.16) would expose 0.8016 (100-d MA) and finally 0.8100 (psychological level).

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