Forex: EUR/GBP trading at session lows at 0.8505/08

FXstreet.com (Barcelona) - The EUR/GBP has fallen off a peak in the 0.8538 level (intraday maximum) Thursday, and has not looked back since. The downwards path of the pair has managed to erase all daily gains and at the time of writing the cross is trading at 0.8505/08, at daily lows.

According to Research Analyst Gareth Berry at UBS, “We reiterate our neutral stance on the EUR/GBP” – resistance is at 0.8560 ahead of 0.8602. Meanwhile support is at 0.8463 ahead of 0.8410.

“The EURGBP is trading within a sideways range above 0.8500 level, and below the key neckline of the previous double top pattern and 50-days SMA among 0.8575-0.8600 areas. We need a clear break of this tight range to confirm the next potential move, and thus we maintain our neutral stance for now.” notes the ICN.com analyst team.