EUR/GBP reverses and falls to test April lows

FXStreet (Córdoba) - The EUR/GBP recently hit a fresh daily low at 0.8199 and remains near the 0.8200 area, under pressure. Earlier, the pair soared to 0.8258, 2-week high, following the release of UK GDP data for the first quarter that came in slightly below expectations, pushing the Pound to the downside across the board.

But the EUR/GBP lost upside momentum, started to pulled back and accelerated to the downside after CPI data from Germany. From the highs to the lows the price fell 60 pips.

If the EUR/GBP drops below 0.8196 it would reached the lowest price since February. Below the key support level lies at 0.8150/60 (2014 lows). To the upside, if it holds above 0.8200 it could attempt to recover, immediate resistance lies at 0.8225 and above here at 0.8245.