FXstreet.com (Córdoba) - The Euro is extending it decline against the Pound. EUR/GBP has fallen more than 60 pips so far today and has accumulated a decline of 350 pips since last Wednesday. The pair is tumbling for the seventh day in a row and currently trades at the lowest level since August 24.
To the downside support levels lie at 0.8655/60 (Aug 24 low / Aug 14 high) and below at 0.8570 (Aug 12 / 20 low) and 0.8520 (Aug 18 low).
Bias on EUR/GBP remains lower towards 0.8660/0.8500, Gareth Burgess, technical analyst at Chart Workshop said. The averages still have to cross negative so this market is probably a bit overdone and at some point will bounce so worth watching the pivot level at 0.8657 for a signal.