FXstreet.com (Barcelona) - The EUR/GBP continues its plunging already in 70-pip range and is still pushing for further lows. The pair has fully retraced its weekend gains on the Spanish bank rescue. At the moment of writing, the cross trades at 0.8080/88 area, around where Friday’s NY session closed.

It’s been reported that the interest rate for the €100B aid package will be paid with 3% to 4% interest rate and that Spain’s deficit goals are compromised now.

“Further support comes in around the 0.8051 low seen on Wednesday. Below it lies the psychological 0.8000 region and the May trough at 0.7950”, wrote Commerzbank analyst Karen Jones.