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EUR/GBP falls as Brent oil tops $100 and sterling firms

EUR/GBP was last seen near 0.8579 after testing the 0.8570 support level.

Reported · Written up by our desk · Major Pairs

FXStreet reports that the euro is falling sharply versus the British pound, with EUR/GBP dipping on Monday as price action reverses last week’s gains.

The outlet says EUR/GBP bears are testing support around 0.8570 after rejection at the 0.8610 resistance area, and the pair was trading near 0.8579.

FXStreet attributes the move to Brent oil crossing $100 per barrel and notes that, with no key Eurozone macroeconomic data scheduled, crude’s rally has become a key driver for the currency pair.

The report also points to comments from Bank of England officials, including Deputy Governor Dave Ramsden, who said interest rates may need to rise if inflation pressures build, adding support to the pound.

Latest closeWTI crude $92.44 ▼2.3%|Brent $97.47 ▼8.6%

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