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Forex: EUR/GBP hits 2-week high above 0.8500

FXstreet.com (Córdoba) - The euro outperformed the pound on Monday and climbed to its highest level in 2 weeks, as fears of continued UK economic weakness weighed on the British currency.

EUR/GBP gained over 70 pips throughout the day and reached a 2-week high of 0.8531 during the New York session. At time of writing, the cross is quoting around 0.8525, recording a 0.6% gain on the day.

In terms of technical levels, next resistances could be found at 0.8531 (intraday high), 0.8565 (Mar 25 high) and 0.8590 (50-day SMA). On the downside, supports in case of pullbacks are seen at 0.8500, 0.8470 (10-day SMA) and 0.8435 (Apr 4 low).

Forex: EUR/USD hovering over 1.3000/10

The single currency is heading towards the key limestone at 1.3000 in a context of increasing selling pressure as the NA session is drawing to a close on Monday....
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Forex Flash: Euro-Sterling correlation has broken down - BBH

Marc Chandler, BBH analyst stated in a recent report that in his view, the correlation between the euro and sterling has broken down. "On a 60-day and 90-day rolling basis, the correlation is the lowest since 2000 at 0.21 and 0.34 respectively." Chandler points that "rarely has the 60-day correlation fallen below 0.40 since the advent of the euro and rarely has the 90-day correlation fallen below 0.50."
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