5 Dec 2014
EUR/GBP retreats after yesterday’s rally
FXStreet (Córdoba) - The euro is falling against the pound on Friday, erasing part of yesterday’s gains when EUR/GBP jumped from 0.7850 to 0.7920.
The pair pulled back during American hours and found support at 0.7885 and on today’s Asian session gained momentum, climbing to test 0.7920. Price failed to break the mentioned area and started to retreated. Recently broke below 0.7885 and bottomed at 0.7879, hitting a fresh daily low (and the weakest since Draghi’s press conference).
Despite rising yesterday, EUR/GBP is still headed toward a weekly loss. A week ago closed at 0.7966 and even rose further on Monday but then dropped sharply, until it found support on Wednesday at 0.7830.
The pair pulled back during American hours and found support at 0.7885 and on today’s Asian session gained momentum, climbing to test 0.7920. Price failed to break the mentioned area and started to retreated. Recently broke below 0.7885 and bottomed at 0.7879, hitting a fresh daily low (and the weakest since Draghi’s press conference).
Despite rising yesterday, EUR/GBP is still headed toward a weekly loss. A week ago closed at 0.7966 and even rose further on Monday but then dropped sharply, until it found support on Wednesday at 0.7830.