EUR/GBP drops to 5-week lows

By FXstreet.com | Updated September 01, 2014 AAA

FXStreet (Córdoba) - The EUR/GBP dropped further on Monday and bottomed at 0.7889, reaching the lowest price since July 24. From Friday’s highs the pair has lost more than 50 pips.



From the lows the EUR/GBP rebounded modestly, but the recovery was capped below 0.7910. During the last hours it has been hovering around 0.7900. Weak data from the UK gave support to the pair.



EUR/GBP approaches 2014 lows



The Euro is headed toward the third daily loss in a row against the Pound and it could post the lowest close in more than a month. After rising to 0.8035/40 during July the pair started to moved to the downside and now is making a reversal, approaching 2014 lows that lie at 0.7870.



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