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EURGBP Approaches Key Support at 0.8333

  • Today and yesterday’s lows around 0.8335 match closely with 0.8333 which when flipped around is 1.2000 in GBP/EUR.
  • Following a decent intra-day bounce to highs of 0.83725, the pair has reversed and is hovering just above the most recent lows.
  • While a psychologically significant pivot point, corporates have in the past had layered interest ahead of and at this GBP/EUR level – bolstering the potential short-term support and medium-term implications of a break below.
  • For reference, there has been just one weekly close below this level since mid-2016 and therefore should be closely monitored in the upcoming trading sessions.

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