EUR/GBP hits fresh lows under 0.7900 as GBP soars

The pound rose in the market and turned positive against the US dollar and the euro, after the death of Jo Cox, a British lawmaker that had been campaigning to keep the United Kingdom in the European Union.

EUR/GBP  that earlier approached 0.80 and reached at 0.7995 the strongest level since April 12 turned to the downside falling toward 0.7900 as EUR/USD broke below 1.1200. The pair attempted to recover but after news on Cox’s attack, it broke below 0.7900 and printed a fresh daily low a 0.7883.

Still in ranges

Price remain near the lows, testing a relevant short-term support that is the 0.7885/90 area, where Monday and Wednesday’s lows are located. A consolidation below could open the doors a bigger decline and an extension of the correction. To the upside, the euro needs to break above 0.8000 to clear the way for more gains.