Forex: EUR/GBP: Euro falls to a 4-week low

By IBTimes Staff Reporter | December 16 2009 9:08 AM

FXstreet.com (Córdoba) - Cable is rising for the fifth consecutive day against the Euro. EUR/GBP fell below 0.8900 for the first time since November 18. The pair bottomed at 0.8884, reaching a fresh 4-week low. The Pound is rising on Wednesday following an unexpected decline in the number people claiming for jobless benefits, the first one since February of 2008.

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Currently trades at 0.8890/95, 0.55% below today's opening price. To the downside, the next support lies at 0.8870 (Nov 16 low) and below at 0.8830 (Nov 17 low). Resistance levels could be located at 0.8925 and above at 0.8980.

Since the beginning of December the Euro has fallen almost 240 pips against the Pound.

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