EUR/GBP recovers majority of early strength in the pound

Currently, EUR/GBP is trading at 0.8444, down -0.32% on the day, having posted a daily high at 0.8488 and low at 0.8369.

EUR/GBP has recovered the majority of the sell-off from 0.8480 from aforementioned lows and consolidates while oscillating here at current spot after a bout of sterling demand, initially driven in GBP/JPY.  Kit Juckes, economist at Societe Generale suggested that the resilience of the pound in November was almost entirely down to the weight of short positions at the start of the month, which are now significantly reduced. "The most likely outcome is that volatility continues to fall and the pound drifts in a range against the dollar, with EUR/GBP reflecting the European political mood, which in turn gives GBP/USD a bearish bias overall."

EUR/GBP levels

With spot trading at 0.8444, we can see next resistance ahead at 0.8456 (Yesterday's Low), 0.8472 (Daily Open), 0.8472 (Monthly Low), 0.8472 (Weekly Low) and 0.8488 (Daily High). Support below can be found at 0.8444 (Hourly 20 EMA), 0.8425 (Weekly Classic S1), 0.8425 (Daily Classic S1), 0.8378 (Daily Classic S2) and 0.8369 (Daily Low).