EUR / GBP falls to four-week lows and tests 0.8500

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  • The pound remains strong against the euro after data from the United Kingdom and a change of cabinet.
  • EUR / GBP is breaking down weekly range.

The EUR / GBP is falling for the second day in a row, with the peculiarity of being trading below the previous lows and close to 0.8500. The cross is under pressure, in a context of strength in the pound sterling.

The latest UK economic data for inflation and employment left the pound with some strength, especially compared to the euro. This pushed EUR / GBP lower.

On Wednesday there were changes in Prime Minister Boris Johnson’s cabinet. The highest profile was the replacement of Foreign Secretary Raab, by Truss, who served as Secretary of Commerce. The Treasury authority, Sunak maintained his position. These changes had no influence on the pound.

Short-term outlook

EUR / GBP hit the lowest level in almost a month at 0.8507. As long as it remains below 0.8510 the pressures will continue to be present. The next support is seen at 0.8500 and then 0.8480.

Just a return above 0.8520 could ease downward pressures. Resistances above are at 0.8540 and 0.8555.

Technical levels

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