- The pound rises again against the euro, remains strong.
- EUR / GBP is targeting the November low at 0.8380.
EUR / GBP is falling for the eighth day in a row, and shows no signs of slowing down, although it is approaching the November floor. The cross again broke below 0.8400, and fell to 0.8390, the lowest in a month. It remains close to a low, with a bearish tone.
The pound is being favored against the background of low volume and optimism in equity markets. Volume is expected to remain sluggish heading into the year-end celebrations, returning to normal in the middle of next week.
Short-term outlook
The bias is bearish in the EUR / GBP which seems to be pointing to a test to the November floor, around 0.8380. If you break that level with a confirmation, the downtrend will have more way to go.
In case of getting above 0.8380, a rebound could occur, initially towards 0.8405, which is the first resistance. Above then 0.8425 will follow and then 0.8450. If it rises above the latter, the pound would lose strength and the euro would gain support for further consolidation or recovery.
EUR/GBP copper hour chart
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