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Forex: EUR/GBP eyes support post decline

FXstreet.com (Barcelona) - Having spiked to post an overnight high at 0.8559, EUR/GBP has steadily sold off throughout the European session.

The pair is currently down -0.21% on the day and trading at 0.8512, just above the daily pivot point at 0.8509, and where the 50% Fibonacci Retracement from the weeks Low (0.8462) to High (0.8559) lies. This morning´s European economic data has been relatively soft while the UK saw an improvement in Industrial Production and Manufacturing Production, adding to the downward sentiment for the pair. Hourly Stochastics are trading at 20, just on the border of oversold territory, while RSI is at 44 and flattening a touch after a sell off from overbought territory overnight.

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