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Forex: EUR/GBP tumbles through 0.8550 as Euro sell-offs

FXstreet.com (Barcelona) - EUR/GBP is last trading at 0.8544, off recent fresh 5-week lows at 0.8527, printed on the back of a massive Euro sell-of across the board following news from Cyprus bail-out. The cross is down -1.23% from previous weekly close Friday around the 0.8651, resuming the retrace from past Tuesday's highs at 0.8793. Pound is second strongest currency among majors for the session just below Yen, while Euro is the weakest.

The cross is currently stalling the loses as EUR/USD approaches to a key price zone around the 1.2875, session lows at 1.2886, where 200 day SMA converges with previous support levels and 38.2% Fibo retrace of daily up leg from July lows 1.2035/1.3711, and Cable finds resistance at the 1.5150 level. GBP/USD is last at 1.5105, about flat for the week so far, off session lows at 1.5072, and retracing from initial session highs at 1.5142.

Immediate support to the downside for EUR/GBP lies at recent 5-week lows at 0.8527, followed by Feb 2012 highs/200 week SMA at 0.8506/18, and Nov 2011 lows at 0.8486. To the upside, closest resistance shows at Feb 15/26 lows 0.8573, followed by March 05 lows at 0.8588, and Feb 19/28/Friday's lows at 0.8600.

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