EUR versus GBP drops to low in fForex market
2/22/2017 8:44:24 AM
During Forex market activities, the EUR versus GBP cross expanded its reversal move from the area of 0.8603 handle, and fell to its lowest level since Dec. 20 during early European session on Wednesday.
Currently trading around 0.8428 area, the cross stayed under strong selling pressure for the 3rd repeated session among growing worries over political developments in the Euro-zone.
From current levels, the downslide could get expanded towards 0.8395 strong support below which the cross is expected to head back towards 0.8337 horizontal support ahead of early Dec. lows support near 0.8315 round figure mark.
On the upside, 0.8455 level now appears to act as immediate persistence, which if cleared could boost the cross back towards 0.8503 psychological mark. Additional up-move beyond 0.8505 mark might carry on to be stopped at 55-day SMA strong hurdle near 0.8544 area.
FOREX market analysis by FxErvin.