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EUR/GBP breaks down towards 0.8450
Since April, the long-term downtrend in EUR/GBP has tracked sideways. The 0.87 to 0.85 range has proven its worth with sterling bulls getting excited as new multi-month lows in August were made below the previous cycle trough at 0.8471. But prices rebounded from here in what is now a strong support zone, punching above the 50-day SMA in the middle of last month. The 100-day SMA looks to have capped any further upside, with EUR buyers printing a recent high at 0.8613. This didn’t break the recent mini-range and the ECB meeting saw increased volatility last week. The overall policy stance of the President Lagarde and ... (full story)
