EUR/GBP Price Forecast: Testing support at previous highs in the 0.8585 area
The Euro (EUR) is trading lower against the British Pound (GBP) following mixed Eurozone macroeconomic figures on Monday. The EUR/GBP pair is testing support at a previous resistance area, at 0.8585 ahead of the US session opening, after failing to find acceptance above the 0.8600 area last week.
EUR/GBP is experiencing support at the 0.8585 level, previously encountered as resistance. This pair dipped lower on Monday due to mixed Eurozone economic data and weaker German Industrial Production figures. Eurozone GDP growth was revised upward to 0.6% in the second quarter and a yearly 1.2% increase, while Germany's factory output fell 1.1% in July.
Despite this, the pound showed minimal impact from UK's Housing Price Index figures. The EUR/GBP pair is currently above this support level, with momentum indicators signaling fading upside momentum and a potential break of the 0.8585 level exposing the 0.8565 area.
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