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  • The British Pound’s recent slip lower against its major counterparts may prove short-lived. Key levels to watch for GBP/USD, GBP/JPY, GBP/CHF and EUR/GBP. Get your $GBP market update from @DanielGMoss here:https://t.co/Y48cF2qi9M https://t.co/4IINZf3zrn
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  • Positive vaccine progress, fiscal stimulus hopes and an unperturbed Federal Reserve may open the door for long-term Treasury yields to continue pressing higher, and in turn weigh on gold prices. Get your market update from @DanielGMoss here:https://t.co/y51gOpaJLC https://t.co/mqsTHqK29I
  • $EURUSD may also extend recent losses after plunging through psychological support at 1.2000. Clearing the February low (1.1952) would probably ignite a push to challenge former resistance-turned-support at 1.1890. https://t.co/yMGqtyRjVn
  • With that in mind, $AUDUSD could be at risk of a more extended pullback towards confluent support at the February low (0.7564) and Pitchfork parallel, if price breaches 0.7690 https://t.co/JaFdxpYhnv
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British Pound (GBP) Latest: EUR/GBP Breaking Lower, More Losses Possible

British Pound (GBP) Latest: EUR/GBP Breaking Lower, More Losses Possible

Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • EUR/GBP is looking technically weak after the sharp falls of recent weeks.
  • Even though it is now at its lowest since May last year, a further drop looks likely.
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EUR/GBP at risk of further losses

EUR/GBP has now broken convincingly below the support line of a symmetrical triangle pattern on the charts that dates back to the end of April last year. It is now trading at its lowest level since May 11, 2020 yet still further losses would be no surprise given that there is little support ahead of the 0.8671 low touched on April 30.

EUR/GBP Price Chart, Daily Timeframe (March 9, 2020 – February 2, 2021)

Latest EUR/GBP price chart.

Source: IG (You can click on it for a larger image)

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The drop has been driven both by Euro weakness and Sterling strength, with EUR undermined by poor Eurozone economic data such as Monday’s German retail sales figures showing a sharp and unexpected decline of 9.6% month/month in December. By contrast, a fast coronavirus vaccination program in the UK has raised hopes of an economic recovery.

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--- Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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