- The euro is under pressure at the start of the week.
- EUR / GBP continues to decline and is approaching a critical level of 0.8500.
The EUR / GBP is falling for the fourth day in a row on Monday and reached 0.8514, the lowest level since August 19. The euro remains under pressure against the pound, with its sights set on the important 0.8500 area.
The weakness that began after the European Central Bank meeting last week still persists. Technical factors were later added to this movement and on Monday a renewed weakness of the euro.
Both the euro and the Swiss franc on Monday are among the worst performing currencies. In the case of EUR / GBP, it is leading to approach the critical support of 0.8500, which could favor a rebound to the upside. But if that area gives way, with a daily close below, the weakness could extend, enabling more lows with an initial target of 0.8480.
The attempt to recover the euro was not strong enough. After hitting 0.8535, it weakened again and fell below last week’s bottom. In the short term, a rally above 0.8545 would put the price on a very short-term bearish line and could alleviate the negative bias.
Technical levels
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