EUR/GBP extends slide, hits fresh weekly lows under 0.8600

Pound extends gains versus euro, remains among top performers
EUR/GBP heads to the lowest close since April 6.

Matías Salord FXStreet

The EUR/GBP is having the biggest daily loss in months on Monday as the pound rises sharply across the board following elections in Scotland during the weekend.

Lower odds of a new independence referendum in Scotland after the elections triggered a rally of the pound. After the risk event, traders turn their attention to what the Bank of England announced last week. The pound dropped last week and on Monday is among the top performers.

On Friday, EUR/GBP ended looking at the 0.8700 area. It failed to break it but remains near. After the weekly opening, it started to decline and accelerated on European hours. Recently it bottomed at 0.85952, the lowest level since April 19.

As of writing it trades at 0.8605. the area around 0.8600 is a strong support and a close below would suggest more losses ahead. The next relevant support area is seen at 0.8545/50.

Technical levels

EUR/GBP

Overview
Today last price	0.8605
Today Daily Change	-0.0095
Today Daily Change %	-1.09
Today daily open	0.87

Trends
Daily SMA20	0.8675
Daily SMA50	0.8621
Daily SMA100	0.8742
Daily SMA200	0.889

Levels
Previous Daily High	0.8701
Previous Daily Low	0.8666
Previous Weekly High	0.8711
Previous Weekly Low	0.8624
Previous Monthly High	0.872
Previous Monthly Low	0.8472
Daily Fibonacci 38.2%	0.8687
Daily Fibonacci 61.8%	0.8679
Daily Pivot Point S1	0.8677
Daily Pivot Point S2	0.8654
Daily Pivot Point S3	0.8642
Daily Pivot Point R1	0.8712
Daily Pivot Point R2	0.8724
Daily Pivot Point R3	0.8748

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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