EUR/GBP Price Forecast: Euro tests support at 0.8570 as Oil prices rally
The Euro (EUR) is dropping sharply against the British Pound (GBP) on Monday, with EUR/GBP bears testing support at the 0.8570 area, reversing last week's gains in a day following rejection at the 0.8610 resistance area.
The Euro (EUR) is experiencing a sharp decline against the British Pound (GBP) on Monday, with bullish momentum testing support at the 0.8570 level. This comes after last week's gains were rejected at the 0.8610 resistance area. The Euro is depreciating against most peers on Monday as oil prices, particularly Brent crude, surge past the $100 per barrel psychological barrier.
The rally driven by US President Donald Trump's rejection of Iran's latest peace proposal is the main market driver for the day, putting pressure on the EUR/GBP pair.
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