EUR/GBP tumbles to 0.8530

The pound is among the top performers in the currency market after rising sharply during the American session, favored by comments from Kristin Forbes, external member of the Monetary Policy Committee of the Bank of England. She made comments signaling that uncertainty should not be a reason to keep rates unchanged. 

EUR/GBP tested weekly highs during the European session near 0.8650 but failed to break higher and turned to the downside. The decline accelerated after the pair broke the 0.8570 support area. 

Price bottomed recently at 0.8531, the lowest level since last Thursday. It remains near the lows, down 75 pips for the day, holding a bearish tone. 

Technical levels

To the upside, resistance levels might be located at 0.8585 (Asian session low), 0.8600 and 0.8640/45 (Feb 3, 6 & 7 high). On the opposite direction, support could be seen at 0.8530 (daily low), 0.8495 (Feb 2 low) and 0.8465 (Jan 27 low).