The pound tumbles as the UK’s reopening hangs on a thread after a spike in the so-called ‘pingdemic’.
The euro has successfully bounced off 0.8500, a key support from April’s rally on the daily chart. The rally above the resistance at 0.8610 indicates that buyers may have regained control of the direction.
The pair saw some selling pressure near 0.8670 as an RSI divergence was showing signs of exhaustion. A temporary pullback is necessary to let the bulls catch their breath.
0.8570 would be the key support to monitor.
