- EUR/GBP looks technically weak following steep falls in recent weeks.
- EUR/GBP trades at an almost 9 month low, further drops likely..
EUR/GBP AT RISK OF FURTHER LOSSES
EUR/GBP has broken meaningfully below the support line of a symmetrical triangle pattern which dates back to the end of April last year. The pair now trades at its lowest level since May 11, 2020. Even so, further losses could still be on the cards given that there is little support ahead of 0.8671 on the low from April 30.
Euro weakness and Sterling strength, amid poor Eurozone economic data such as a -9.6% decline in German retail sales. Meanwhile, a fast coronavirus vaccination program in the UK has raised hopes of an economic recovery.