- EUR / GBP finds decent support above 0.8500.
- The strong recovery of the euro could point to some head of consolidation.
The EUR/GBP it fell at the beginning of the session to 0.8505, reaching the lowest level since February of last year. It then rallied with the euro picking up speed during the US session. At time of writing, it is trading at 0.8535 / 40, still bearish on the day but significantly far from lows.
The area above 0.8500 limited the fall of the EUR/GBP that later starred in a strong recovery. The main trend continues to point to the downside, but the negative tone subsided after the 40 pip rally.
No single event triggered or the decline of the rebound. The latest development in the UK includes an improvement in the COVID-19 numbers and a statement from Bank of England MPC member Gertjan Vlieghe, who sounded dovish, mentioning that a few quarters of growth should alter monetary policy stance. .
The correction in GBP / USD weighed on the British pound. The pair fell back below 1.3800, erasing all daily gains. At the same time, the EUR / USD held sideways between 1.1760 and 1.1780.
Technical levels
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