EUR/GBP turns lower for the second straight session after Praet's comments

•  Praet's comments prompt some selling around the shared currency.

 •  A pickup in the GBP demand exerts some additional downward pressure.

Having posted a session high level of 0.8975, the EUR/GBP cross met with some fresh supply and turned lower for the second consecutive session.

The pair's sudden fall of around 35-pips was led by the ECB chief economist Peter Praet's comments, saying that the pickup in growth, prices need further accommodation and it will take months before higher wages impact inflation.

Praet further added that the ECB President Mario Draghi's comments overnight weren't anything new and prompted some selling around the shared currency, dragging the cross to a fresh session low level of 0.8940 in the last hour.

Meanwhile, a positive tone surrounding the British Pound, despite reemerging Brexit uncertainties, further collaborated towards exerting some downward pressure through the early European session.

It would now be interesting to see if the cross continues finding some support at lower levels or the current slide marks the resumption of the prior depreciating slide amid absent relevant market moving economic releases either from the UK or Euro-zone.

Technical levels to watch

The 0.8940-35 region might continue to protect the immediate downside, which if broken might turn the cross vulnerable to accelerate the fall further towards the 0.8900 handle. On the flip side, the 0.8975 region now seems to have emerged as an immediate strong hurdle, above which the cross seems all set to aim towards reclaiming the key 0.90 psychological mark.


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