EUR/GBP soars as pound tumbles in the market

Matías Salord FXStreet

EUR/GBP rose almost a hundred pips in a few minutes while the pound plunged across the board. The pair climbed from 0.8895 to 0.8979, hitting the highest level since last week European Central Bank decision.

The area around 0.8980 capped the upside and currently it trades at 0.8950/55, up 0.60% for the day, having the best day in two weeks. No particular event triggered the decline of the pound, that now is the worst performer in the currency market.

Technical levels

To the upside, immediate resistance levels are located at 0.8980 (daily high), 0.9000 (psychological) and 0.9060 (last week high). On the opposite direction, support could be seen at 0.8925 (Oct 24 high), 0.8880/85 (Oct 24 low) and 0.8775 (Oct 6 low).

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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