FXstreet.com (Córdoba) - The euro took advantage of the broad weakness seen in pound on the back of the UK downgrade by Moody's with EUR/GBP climbing toward its strongest level in 16 months.

EUR/GBP briefly rose above the 0.8800 level and hit a high of 0.8812, last seen Oct 28, 2011. However, the cross lost momentum and pulled back to currently trade around 0.8775, where it trades 1.5% above its Friday's close and having left an upward opening gap.

According to Fan Yang, analyst at FXTimes, the EUR/GBP has been bullish since July 2012. "There is an Oct. 2011 resistance pivot at 0.8831. Above that, we have the 0.90 handle, and the 0.9082 2011-high to anticipate resistance", the analyst said.