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Forex: EUR/GBP trading off lows at 0.8463/66

FXstreet.com (Barcelona) - The EUR/GBP is still trying to collect itself after a cataclysmic 70-pip drop roiled the pair during European trading Thursday. Upbeat GDP figures in the United Kingdom were to blame, and presently the pair is trading just above session lows (0.8453) at the 0.8463/66 level.

“The EUR/GBP is challenged the earlier support level, as the pair has been struggling to break this level recently – the break below 0.8500 confirms further downside, and could accelerate the expected bearish momentum further, eying the recent swing low near 0.8405 as the next downside target.” warns the ICN.com analyst team.

Following an earlier plunge below the 0.8496 and 0.8476 support levels, Mataf.net analysts isolate the next supportive bastion 0.8455. Meanwhile a USD/JPY recovery will encounter calculated resistance at 0.8537, then 0.8558, and finally 0.8578.

Earlier today in the United Kingdom, the Gross Domestic Product (YoY) came in at +0.6% in Q1, against expectations of just +0.3%. Furthermore, the Gross Domestic Product (QoQ) yielded a robust figure of +0.3% in Q1, vs. a projection of only +0.1%.

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