EUR/GBP probing key support levels with tests below 0.8480

Currently, EUR/GBP is trading at 0.8493, down -0.19% on the day, having posted a daily high at 0.8536 and low at 0.8470.

EUR/GBP remains in bearish territory and has been testing 0.8480 with a breach below to aforementioned highs on two attempts so far on the way to the early 2017 lows so far for this year at 0.8449. Sterling has been performing well this month and today's GDP Q4 upside surprises only adds further bullish sentiment into the currency.UK GDP 4Q surprises to the upside

A positive outcome was seen in the 4Q GDP while the UK economy grew by 0.6% in the last quarter in 2016, leaving full year 2016 growth of 2%. "With Brexit negotiations set to get underway we believe 2017 is going to see slower growth of around 1.4%. The BoE is expected to sit on its hands this year, despite inflation rising above 3%," suggested analysts at ING Bank.

EUR will not collapse – EU’s Moscovici

EUR/GBP levels

Spot is presently trading at 0.8493, and next resistance can be seen at 0.8497 (Yesterday's Low), 0.8503 (Monthly Low), 0.8503 (YTD Low), 0.8503 (Hourly 20 EMA) and 0.8509 (Weekly Low). Next support to the downside can be found at 0.8475 (Daily Classic S1), 0.8470 (Daily Low), 0.8462 (Weekly Classic S2), 0.8441 (Daily Classic S2) and 0.8403 (Daily 200 SMA).