This week has seen the Pound to Euro exchange rate fall through a significant support level at 1.13, hit an 8-month low, and then recover those losses.
While the exchange rate has recovered some ground following the release of better-than-forecast labour market data, the technical outlook remains relentlessley negative UNLESSthe 1.13 can be reclaimed in convincing fashion.
By convincing, we mean the pair must close above there over coming days.
If not, then 1.13 turns from being a level of support and protection to being a barrier that stymies any attempts at strengthening.
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