Topic: EURGBP: Sells Off Further, Eyes Key Support

EURGBP- The pair weakened further on Thursday leaving risk of a move lower on the cards. Support lies at the 0.8700 level where a violation will turn focus to the 0.8650 level. A break will expose the 0.8600 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 0.8800 level where a violation if seen will turn risk towards the 0.8850 level. Further up, resistance resides at 0.8900 level followed by the 0.8950 level. All in all, EURGBP remains biased to the downside.

Re: EURGBP: Sells Off Further, Eyes Key Support

The European Central Bank’s March meeting today will produce a new set of Staff Economic Projections. This is one of the four meetings during the year in which the central bank does so, raising the bar in terms of risk for the Euro.