Forex: EUR/GBP retraces daily slide

FXstreet.com (Barcelona) - Having posted a morning high at 0.8225, EURGBP slide throughout the European session as damp European data and ongoing concerns over the US fiscal cliff saw some risk off moves and Euro weakness against GBP.

The pair posted a low at 0.8167, just below daily Classic S2 support at 0.8168 before starting to retrace its declines into the US open. Investors will be eagerly listening for any updates on the ongoing fiscal cliff palaver. Bijoy Kar of MIG Bank notes that EURGBP has broken the key resistance area between 0.8148 (05/12/2012 high) and 0.8169. He sees the next resistance at 0.8277 (10/04/2012 high).