EUR/GBP collapses near 0.8750 on Draghi

The European cross drops to fresh lows in the 0.8760 region.
EUR collapses following the ECB meeting and Draghi’s presser.
Earlier in the session, UK’s Retail Sales came in above expectations.

Pablo Piovano FXStreet

EUR/GBP drops to fresh lows in the vicinity of 0.8750 following a sharp sell off in the European currency after the ECB meeting.

EUR/GBP weaker on ECB

The European cross is falling to fresh 6-day lows as investors continue to unwind their EUR long positions following the steady stance from the ECB at its meeting today.

In addition, the Council announced the end of the QE programme by end of December 2018, although it said that the APP remains in the toll box for the time being.

EUR accelerated the downside after President Draghi said at his press conference that the Council did not discuss policy options, while renewed forecasts see inflation at 1.7% in 2018, 2019 and 2020 while GDP is seen expanding 2.1% in 2018, 1.9% in 2019 and 1.7% in 2020.

EUR/GBP key levels

The cross is now losing 0.59% at 0.8764 facing the next down barrier at 0.8752 (low Jun.14) seconded by 0.8698 (low May 29) and finally 0.8681 (low Apr.26). On the upside, a breakout of 0.8827 (200-day sma) would expose 0.8841 (high Jun.7) and then 0.8847 (high May 4).

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Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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