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EUR/GBP on its way to test 0.7000

FXStreet (Edinburgh) - The increasing offered tone is hammering the single currency and dragging EUR/GBP to challenge the critical support at 0.7000 on Wednesday.

EUR/GBP slumps on GBP-buying

Running on the opposite direction, the buying interest is growing bigger around the British pound following the Autumn Forecast Statement, relegating the European cross to test the 0.7000 neighbourhood.

Collaborating with the downside, rumours keep building up regarding the likeliness of additional easing measures by the European Central Bank to be announced at its December meeting.

EUR/GBP important levels

As of writing the cross is down 0.72% at 0.7009 and a break below 0.6985 (low Nov.17) would open the door to 0.6948 (low Aug.5) and then 0.6934 (2015 low Jul.17). On the flip side, the next hurdle lines up at 0.7101 (23.6% Fibo of 0.7496-0.6979) ahead of 0.7196 (100-day sma) and finally 0.7210 (200-day sma).

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