Pound keeps lower on the day as EUR/GBP sees a case for a technical bounce

Technical Analysis

Author: Justin Low | eurgbp

The pound is down to session lows on the day

EUR/GBP W1 17-02
ForexLive
EUR/GBP is once again bouncing off the 0.8300 level and that is helping to put some pressure on the pound on the session as we also see cable fall to session lows of 1.3010.

Support around 0.8300 has been a key level in EUR/GBP over the years and that is once again proving to be a case - at least for now - as we start the new week.

Looking ahead this week, it is going to be a challenging week for the pound but also it could be a tricky one for the euro as we will be getting February flash PMI readings on Friday.

Any major hiccups there could derail a technical bounce in EUR/GBP and that will be cause for concern as it is a slippery slope once the 0.8300 level gives way.

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