Wednesday, August 24, 2016

Broad gains in the pound cause EUR/GBP

 Broad gains in the pound cause EUR/GBP to fall 0.8%, breaking below 0.85 to hit a two-week low of 0.8496. More falls could see it target the 50-day moving average at 0.8373 and the Aug. 4 low of 0.8344. EUR/GBP currently hovers just above chart support at 0.8488, the 50% retracement of its rise from the July 14 low of 0.8250 to a peak of 0.8726 hit on Aug. 16. The 61.8% retracement of that move is another chart support level, which stands at 0.8431.