FXstreet.com (Córdoba) - EUR/GBP is testing an important support at 0.9080, if it fall below the next one lies at 0.9020 (Sept 23 highs) and 0.8980 (Sept 24 lows). Currently the pair trades at 0.9085/88, 0.26% below today's opening price.
Cable is rising for the fourth consecutive day against the Euro. EUR/GBP continues to pull down from 0.9410 a six month high reached a week ago.
The KBC Market Research Desk affirms: Recently we advocated some caution on the recent steep EUR/GBP rise. We were looking to add/reinstall EUR/GBP long positions around first important support area at 0.9080. A break below the latter would suggest that the short-term negative bias toward sterling is changing, which isn't our preferred scenario though. For now we maintain a wait-and see approach and look out whether the correction has run its course. If the 0.9080 area would give away, 0.8984 is the next point of reference.