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EUR/GBP approaches 0.7800

FXStreet (Córdoba) - The euro managed to erased losses versus the pound but is still under pressure ahead of the European Central Bank (ECB) meeting. Weak data from the Eurozone pushed EUR/GBP to the downside on Wednesday but managed to hold above yesterday’s lows.

The pair bottomed at 0.7766, just one pip above multi-year low and then bounced to the upside. Near the end of New York session is trading at daily highs around 0.7795.

After posting on Tuesday the lowest daily close since July 2012, the euro is rising modestly on Wednesday. The dominant trend remains bearish supported by the monetary policy divergence between the Bank of England and the ECB.

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