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EUR/GBP supported near 0.7860

FXStreet (Edinburgh) - The intraday decline in EUR/GBP seems to have found some buyers in the 0.7860 region so far.

EUR/GBP capped by 0.7900

The cross started the session on the back footing, deflating from overnight peaks around 0.7900 the figure following the increasing weakness surrounding the EUR. Positive figures from the German labour market showed the unemployment decreased more than expected by 22K in October, while the jobless rate remained at 6.7%. These auspicious results did almost nothing to curb the selling mood around the EUR, ahead of the releases of EMU’s Economic Sentiment and Business Climate. From the UK side, house prices tracked by Nationwide rose 0.5% inter-month in October and 9.0% over the last twelve months, surpassing estimates.

EUR/GBP levels to consider

At the moment the cross is down 0.25% at 0.7868 with the next support at 0.7851 (low Oct.10) and then 0.7833 (76.4% of 0.7767-0.8046). On the upside, a break above 0.7900 (10-d MA) would open the door to 0.7912 (high Oct.29) and finally 0.7917 (high Oct.23).

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