EUR/GBP challenges weekly lows near 0.8600
|- EUR/GBP remains sidelined above 0.8600.
- EUR-selling is forcing the cross to shed extra ground.
- Latest polls see Tories leading with 38% vote intention.
The renewed selling pressure around the shared currency is dragging EUR/GBP to print weekly lows in the levels just above 0.86 the figure.
EUR/GBP focused on election polls
The European cross is navigating fresh weekly lows in the vicinity of the 0.8600 handle in the first half of the week on the back of persistent downside pressure hitting the single currency and some upside bias favouring the quid.
In fact, the Sterling has picked up extra pace today after latest YouGov polls showed Conservatives remain on the lead by 38% vs. Labour at 25%.
Also supporting the Pound, the UK Services PMI improved to 50.0 during October, surpassing estimates and retaking the expansionary territory.
On this side of the Channel, Producer Prices in the broader Euroland rose 0.1% MoM during October and dropped 1.2% from a year earlier.
EUR/GBP key levels
The cross is losing 0.31% at 0.8609 and a breach of 0.8574 (monthly low Oct.17) would expose 0.8488 (monthly low May 6) and then 0.8474 (2019 low Mar.12). On the other hand, the next hurdle aligns at 0.8676 (high Oct.24) followed by 0.8810 (200-day SMA) and finally 0.8906 (50% Fibo of the May-August rally).
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