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EUR/GBP Struggles for Support

The pound slipped after December’s GDP showed a 0.5% contraction. The euro is still under pressure after a break below 0.8880, turning it into a resistance. The previous high of 0.8830 is the current support and coincides with the 30-day SMA on the daily chart. The RSI’s another venture into the oversold area attracted some interest but the bulls will need to reclaim 0.8930 before they could hope for a bullish continuation. A retest of the daily low and critical level at 0.8760 would threaten the uptrend in the medium-term.

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