EUR/GBP turns lower, drops below 0.8600

EUR/GBP turned lower and retraced completely intraday gains in a matter of minutes, as the pound picked up momentum across the board.

The British currency received a boost and dragged EUR/GBP from a peak of 0.8637 to a session low of 0.8573 in recent dealings. There were no clear catalysts behind the move other than position adjustments. At time of writing, EUR/GBP is trading at 0.8575, virtually unchanged on the day.

In the absence of first-tier data, investors attention turns to UK Autumn Statement on Wednesday, where UK Chancellor Philip Hammond will outline plans for fiscal spending alongside latest forecasts for growth and public finances.

EUR/GBP technical levels

In terms of technical levels, next supports are seen at 0.8525 (Nov 18 low), 0.8485 (Sep 19 low) and 0.8416 (Sep 13 low). On the other hand, resistances could be faced at 0.8630/37 (100-day SMA/Nov 21 high), 0.8706 (Nov 15 high) and 0.8782 (50-day SMA).

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

EUR/GBPfrom Tip TV Productions on Vimeo.