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19 Mar 2013
Forex: EUR/GBP dips to lows around 0.8510/15
FXstreet.com (Barcelona) - Pessimism surrounding Cyprus is taking a toll on the single currency, dragging the pair to the boundaries of the key support at 0.8500 although bouncing back to the area around 0.8520/25 at the moment.
In addition, the stubbornness of the sterling to leave the area around 1.5100 against the greenback is also adding to the selling pressure.
At the moment, the pair is down 0.74% at 0.8513 with the next support at 0.8442 (low Feb.11) ahead of 0.8391 (low Jan.24) and then 0.8364 (low Jan.22).
On the flip side, a break above 0.8595 (high Mar.18) would expose 0.8657 (MA10d) and then 0.8658 (MA21d).
In addition, the stubbornness of the sterling to leave the area around 1.5100 against the greenback is also adding to the selling pressure.
At the moment, the pair is down 0.74% at 0.8513 with the next support at 0.8442 (low Feb.11) ahead of 0.8391 (low Jan.24) and then 0.8364 (low Jan.22).
On the flip side, a break above 0.8595 (high Mar.18) would expose 0.8657 (MA10d) and then 0.8658 (MA21d).