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Forex: EUR/GBP topples to 0.8559/60 on Earth day

FXstreet.com (Barcelona) - After a failed attempt at the 0.8600 level (0.8593 session high), the cross has turned sharply downward, shedding over 30 pips to settle in negative territory. In these moments, the pair is now trading at just 0.8559/60, down -0.33% off its opening Monday.

According to the technical analyst team at ICN.com, “The EUR/GBP was testing the 0.8600 pivotal resistance again – the price manages to hold well above this resistance, that could be the catalyst for further upside. However, we still expect the bearish resumption scenario to evolve from this area, accordingly, we maintain our bearish view.”

The news from the last few days has been pretty poor for the pound with Fitch following Moody’s by stripping the UK of its triple-A credit rating on Friday evening, stating its downgrade reflected a weaker economic and fiscal outlook. Fitch did however return its outlook on the UK economy to ‘stable’ reducing the threat of any further rating cuts in the near term.

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