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April 27, 2018 06:30 GMT

Sharp reversal lower in EUR/USD,......>

John Webb

EURO-STERLING

MNI (London)

EURO-STERLING: Sharp reversal lower in EUR/USD, which countered the initial ECB

Draghi react rally, shoved EUR/GBP back below its 10-dma(GBp0.8714) and on to an

extended low of Gbp0.8681 before cable's easing allowed the cross to edge back

to Gbp0.8708. Rate then settled back below Gbp0.8700 through the US afternoon

and into the close. Trade in Asia saw rate consolidate between Gbp0.8693-0.8701

before the EUR came under fresh downside pressure in early Europe. Cross has

eased to Gbp0.8686 but so far holds off a retest of Thursday's low. Support seen

into the Gbp0.8680 level, a break to expose Gbp0.8661(76.4% Gbp0.8620-0.8792).

Below here brings the 1.0% envelope base at Gbp0.8630 into play, with the recent

low of Gbp0.8620 close behind. Resistance GBp0.8710, 10-dma comes in today at

Gbp0.8717.

MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

Markets Foreign Exchange News

John Webb

MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

Markets Foreign Exchange News

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