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EUR/GBP plummets to 0.7960

FXStreet (Edinburgh) - The increasing weakness around the single currency is pushing EUR/GBP to the area of 0.7960 on Friday.

EUR/GBP hurt by Draghi

The cross is now challenging weekly lows around the 0.7960/50 band following the dovish appreciations by President Draghi, who left the door open for additional easing measures in case the inflation outlook in the region deteriorates further. From the UK side, the Public Sector Net Borrowing came in above estimates at £7.055 billion in October, albeit lower than September’s £10.57 billion. Axel Rudolph, Senior Technical Analyst at Commerzbank, suggested the pair “drove through the 2013-2014 downtrend line at .8007 and rose to .8038 before consolidating below this level. While capped by it and the 200 day ma as well as the 50% retracement of the move down from March at .8053/83, we will retain our medium term neutral outlook”.

EUR/GBP levels to consider

As of writing the pair is losing 0.41% at 0.7958 with the immediate support at 0.7935 (low Nov.14) and then 0.7931 (10-d MA). On the upside, a break above 0.8027 (high Nov.20) would aim for 0.8038 (high Nov.19).

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