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EUR/GBP bounces off 0.7820

FXStreet (Edinburgh) - The cross found support in the area of 0.7820 post-Payrolls on Friday, with the EUR/GBP no reclaiming the 0.7840 region.

EUR/GBP lower on data

The cross is posting weekly gains for the first time after two consecutive weeks of losses, although it remains submerged within the broader bearish picture. The USD rally is hurting both the sterling and the euro, bolstering the current decline to the 0.7765/60 band registered this week. Analysts at Danske Bank commented, “we still expect EUR/GBP to continue to trade lower in the coming 12M primarily driven by divergent monetary policy as we still believe the BoE is on a very different path for monetary policy versus the ECB”.

EUR/GBP key levels

The cross is now losing 0.16% at 0.7834 with the next support at 0.7791 (low Oct.2) followed by 0.7767 (2014 low Sep.30) and then 0.7756 (July 2012 low). On the upside, a break above 0.7860 (high Oct.3) would open the door to 0.7880 (38.2% of 0.8066-0.7767) and finally 0.7889 (high Sep.23).

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