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Forex: EUR/GBP threatening support at 0.8700

Renewed strength in the sterling in combination with a soft momentum in the single currency are dragging EUR/GBP to session lows, threatening to breach the key support of 0.8700 and testing Monday’s lows at the same time.

However, the pair would face further pressure in the upcoming week, as the BoE minutes will be released alongside inflation figures and the jobless rate in the UK economy. In addition, Chacellor G.Osbourne will present his budget. Regarding the shared currency, the ECB Monthly Report is due tomorrow.

At the moment, EUR/GBP is down 0.40% at 0.8708 with the immediate support at 0.8681 (MA10d) ahead of 0.8675 (low Mar.8) and finally 0.8665 (MA21d).
On the upside, a surpass of 0.8793 (high Mar.12) would open the door to the psychological level of 0.8800 and then 0.8815 (2013 high Feb.25).

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The USD/JPY was trading in dire straights during the onset of European trading Wednesday, as the price rapidly declined to the 95.45 level (session low). After bottoming out in this region however, a recent recovery has been orchestrated, as the pair has pared some of its losses (nearly 40 pips) to trade at 95.83/84, down -0.15%, as the cross eyes the 96.00 level.
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