EUR/GBP falls to lowest levels since April last year as the technical breakdown continues

Technical Analysis

Author: Justin Low | eurgbp

EUR/GBP threatens the April 2020 lows

EUR/GBP D1 18-02
The drop continues in EUR/GBP as the pair now slides to test the lowest levels since April last year around 0.8671-82. A break below that will open up the way for sellers to accelerate the downside momentum further with little in the way of a push towards 0.8500 next.

The weekly chart offers a better overview of the technical breakdown in the pair:

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EUR/GBP W1 18-02

As things stand, the pound continues to benefit from added optimism on the vaccine front in the UK while the rollout in the Eurozone is still less than convincing.

The EU managed to book additional supply with Pfizer and Moderna yesterday but the rollout has been less than impressive with supplies still said to be backdated to December for Pfizer, based on a Reuters report yesterday.

The shove lower in EUR/GBP is also inadvertently lifting the pound as cable now climbs back above 1.3900 as buyers seize back near-term control on the day.

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