FXStreet (Edinburgh) – The now better tone around the sterling is prompting EUR/GBP to test session lows around the critical support at 0.7100.

EUR/GBP remains vulnerable

The European cross is now looking to break below the overnight consolidative pattern against the backdrop of increasing selling pressure following the EUR sell off in past sessions.

Nothing to write home about on the data front, although speeches by ECB’s V.Constancio and D.Nouy later in the day might bring in some volatility on the EUR-side.

EUR/GBP relevant levels

As of writing the cross is losing 0.10% at 0.7109 facing the next support at 0.7038 (low Nov.5) followed by 0.7000 (psychological level) and finally 0.6934 (2015 low Jul.17). On the other hand, a surpass of 0.7146 (23.6% Fibo of 0.7496-0.7038) would open the door to 0.7204 (100-day sma) and then 0.7230 (200-day sma).

The now better tone around the sterling is prompting EUR/GBP to test session lows around the critical support at 0.7100…

(Market News Provided by FXstreet)

By FXOpen