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Forex: EUR/GBP sells off sharply on Draghi speech

FXstreet.com (Barcelona) - EUR/GBP has declined sharply during ECB President Draghi´s Policy Statement and Press Conference.

The pair, which made a morning high at 0.8521, has since sold off sharply to post a low at 0.8435, after President Draghi commented that downside risks remain in the region and that monetary policy will remain accommodative for as long as needed. He added that he is closely monitoring money market conditions. In terms of the Q&A, Draghi confirmed that he had not held a meeting with Italian politician Bersani and that the ECB believed that this was not the right time to look at a rate cut. Currently spot has moved below the daily S3 level at 0.8447, but looks to have found a measure of near term support in the region. Meanwhile, RSI is at 21 and looks to have flattened after a decline throughout the European session.

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