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EUR/GBP slides under 0 8700, eyes key support at 0 8670

2/17/2021 3:52:48 PM GMT | By Joel Frank EUR/GBP is on course for a fourth consecutive day of losses, having now broken under the 0.8700 level. GBP continues to outperform its mainland counterpart in what seems to be a continuation of the “vaccine trade”. EUR/GBP looks on course for a fourth consecutive day of losses on Wednesday, having now broken convincingly to the south of the 0.8700 level. Needless to say, this means the pair has hit fresh multi-month lows. EUR/GBP is eyeing a test of a long-term downtrend that has been supporting the price action since 31 December 2020, which is likely to come into play if EUR/GBP falls into the 0.8660s. Prior to testing this downtrend, however, the pair is going to have to contend with a key support level in the form of the April 2020 low at just under 0.8670. At present, the pair trades in the 0.8680s, down about 0.2% or just under 20 pips on the day.

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