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EUR/GBP having worst decline in months

FXStreet (Córdoba) - EUR/GBP is falling sharply on Wednesday ahead of an important day with the European Central Bank minutes and the decision of the Bank of England (and also the minutes).

The pair that last week reached at 0.7442 the strongest level in almost five months and is now trading at the lowest in a week. It started the day moving with a downside bias. It continued to drop after reports that Anhueser-Busch was increasing the bid for SAB Mill and accelerated on weaker than expected data from Germany and Spain, where industrial production in August came below expectations while in the United Kingdom the report was mixed.

EUR/GBP breaking a range

Price broke below 0.7350 (last week lows) and bottomed at 0.7332. It was trading near the lows of the day, still under pressure and 65 pips below the level it had at the beginning of the day, the worst performance in weeks.

EUR/GBP is also about to post a daily close below 20-SMA (the first since September 23) and is giving signals that the bearish correction from 0.7440 could continue.

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