EUR/GBP revisits 0.8350 support area

EUR/GBP extended its decline into a sixth consecutive day on Tuesday as the pound remains well supported on the back of above-expectations UK data released over the last days.

EUR/GBP has in fact lost nearly 400 pips from August highs above 0.8700 and continues to test support at the 0.8350 zone on daily basis. EUR/GBP bottomed out at 0.8351, matching previous day los, and it was last trading at 0.8358, down 0.2% on the day.

EUR/GBP levels to watch

In terms of technical levels, immediate supports are seen at 0.8342 (Aug 4 low), 0.8300 (psychological level) and 0.8249 (Jul 14 low). On the flip side, resistances could be faced at 0.8405 (Sep 5 high), 0.8444 (Sep 2 high) and 0.8469 (50-day SMA).