- The pound is firm against the euro.
- EUR / GBP tests levels below 0.8800, confirming bearish bias.
The EUR / GBP is trading below 0.8800 on Tuesday. The last time it had been there was in May 2020. The price dropped to 0.8795 and remains under pressure.
The pound is rising for the second day in a row against the euro and thus advanced in six of the last seven. EUR / GBP remains weak after breaking key support at 0.8860 days ago.
One of the factors behind Tuesday’s decline is the decline in the EUR / USD which seems to be dragging the euro lower in the market. The aforementioned pair fell to the lowest level in two months below 1.2040.
With regard to data, it was learned that the Eurozone economy contracted 0.7% in the last quarters of 2020, and 6.8% in 2020. The figures were better than expected but they did nothing to support the euro in the market.
The data that was known in the United Kingdom was that of house prices that showed a fall of 0.3% in January, against the market consensus of a rise of 0.3%. The focus is on the meeting of the Bank of England, which will announce its decision on Thursday.
Technical levels
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