Euro extends losses after failure at 0.8650. The appointment of Sunak as British Prime Minister boosted the pound. EUR/GBP: Below 0.8585, next targets are 0.8530 and 0.8 90. EUR , weakened against the pound for a fourth day in a row on Friday, testing the support area at 0.8570 after failing to break the 0.8650 resistance today. GBP , REMAINS, SUNAK APPROVAL SUPPORTS GBP , remained moderate supply this week, boosted by the appointment of Rishi Sunak as UK Prime Minister. His commitment to restoring financial stability eased the chaos of his predecessor’s economic plan and offered the pound a welcome respite. Due to a lack of relevant macroeconomic bulletins in Great Britain, the calendar of the euro area failed to support the euro. Germany’s preliminary gross domestic product showed that the euro zone’s leading economy avoided recession, although consumer price indices confirmed that consumer inflation is still out of control. In addition, the monetary policy decision of the European Central Bank increased the negative pressure on the euro at the beginning of this week. The bank raised interest rates by 75 basis points, and ECB President Christine Lagarde reiterated her pledge to keep tightening rates for some time despite negative economic forecasts. EUR / GBP: UPCOMING LOWS ARE 0.8530 AND 0.8 90 From a technical perspective, the pair is currently struggling to break the 0.8585 support, where the 100-day SMA is located. Here, the next downside targets would be the bearish trend support from the mid-November low, currently at 0.8535, and the 200-day SMA at 0.8500. Bullish reaction should continue to the aforementioned 50-day SMA of 0.8690 to target the October 21 high of 0.8780. A consolidation above this level would reverse the downtrend and open the way to the October 12 high of 0.8870.

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