EUR/GBP posts first daily close below 0.8000 in 20 months

By FXstreet.com | June 13, 2014 AAA

FXStreet (Córdoba) - The EUR/GBP dropped for the eighth trading day in a row and posted the lowest daily close since November 2012, below 0.8000. A weak Euro post-ECB and a soaring Pound, boosted by Carney speech, pushed the pair sharply to the downside.



During Friday broke below 0.8000 and tumbled to 0.7970. The EUR/GBP finished the week trading around 0.7980, 140-pips below the price it had seven days ago.



EUR/GBP outlook



The consolidation below 0.8000 could suggest a bearish continuation. The downside momentum remains highs despite oversold conditions in short term technical indicators. Monetary policy divergence between the ECB and the BoE favored the downside during recent weeks and could continue that way.



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY crashes below 106.50, more downside in store
    Forex News

    USD/JPY crashes below 106.50, more downside in store

  2. Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude
    Forex News

    Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude

  3. EUR/USD bulls wake up and drive pair above 1.2800
    Forex News

    EUR/USD bulls wake up and drive pair above 1.2800

  4. Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?
    Forex News

    Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?

  5. AUD/USD Range Endures With Clearer Cues From Candlesticks Desired
    Forex News

    AUD/USD Range Endures With Clearer Cues From Candlesticks Desired

Trading Center