EUR/GBP reverses and hits highs above 0.8600

The euro reversed the intraday trend against the pound and turned positive. EUR/GBP bounced from 2-month lows that reached on European hours at 0.8525 and jumped to 3-day highs. The pair peaked at 0.8635, the strongest since Tuesday. 

During the last hours it moved off daily highs and it was hovering around 0.8590, up 40 pips for the day, and marginally lower for the week. 

The recent rally of the pair took place after GBP/USD broke below a relevant key support located around 1.2350 that opened the doors to a bigger slide. EUR/USD also decline but at a more modest pace. 

EUR/GBP levels 

To the upside, resistance levels might be located at 0.8635 (daily high), 0.8660 (Nov 10 low) and 0.8705 (Nov 15 high). On the opposite direction, support could be seen at 0.8565 (Nov 11 low), 0.8525 (Nov 18 low) and 0.8495 (Sep 08 high). 

To learn more about this topic, check our video analysis.

EURGBP from Tip TV Productions on Vimeo.