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Forex: EUR/GBP consolidates at daily lows

FXstreet.com (Córdoba) - The British pound continues to outperform the euro in an uneventful session Monday, despite last Friday Fitch decided to cut UK AAA rating. After dropping over 50 pips from daily highs, EUR/GBP found support at the 0.8540 area and was confined to a phase of consolidation.

EUR/GBP has spent the last hours within 0.8540/0.8555 unable to determine next move. At time of writing, the cross is trading around 0.8545, 0.4% below its opening price.

As for technical levels, below 0.8540, EUR/GBP could find next supports at 0.8504 (20-day SMA) and 0.8495 (Apr 12 low). On the upside, resistances are now seen at 0.8555, 0.8590 (daily high) and 0.8635 (Apr 17 high).

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