EUR/GBP under pressure, still above 0.7200

FXStreet (Córdoba) - EUR/GBP fell sharply during the last five days and currently trades at 0.7230, 130 pips below the level it closed last week. Today the pair reached a 1-week low at 0.7223 and then bounced slightly to the upside but the area around 0.7260 capped the recovery.

The euro was the worst performer among majors during the week, resuming the decline but so far it has been able to hold above multi-year lows. The pound also lost ground in the market, rising only against the euro and the Swiss franc.

The decline of EUR/GBP from 0.7378 (April 4 high) found support around 0.7220, that is a key support level in the short term, currently under pressure. The mentioned level also capped the decline last week.