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Forex: EUR/GBP in lows around 0.8545/50

FXstreet.com (Barcelona) - The recent weakness surrounding the cross sparked with the ongoing recovery of the sterling after poor UK retail sales data dragged the pound to fresh lows against the buck.

“Prices are testing support at 0.8545, a barrier marked by the 23.6% Fibonacci expansion and the bottom of a firing channel set from the April 1 lows. A break below this barrier targets the 38.2% at 0.8490. Channel top resistance is at 0.88615, with a push above that eyeing the April 17 high at 0.8636”, assessed I.Spivak, Currency Strategist at DailyFX.

At the moment, the cross is down 0.05% at 0.8546 with the immediate support at 0.8535 (MA10d) ahead of 0.8503 (MA21d) and finally 0.8495 (low Apr.12).
On the upside, a break above 0.8584 (MA55d) would expose 0.8637 (high Apr.17) and then 0.8647 (61.8% of 0.8793-0.8412).

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