EUR/GBP Stabilizes Near 0.8550 as Risk-Off Mood Caps Rallies
The EUR/GBP exchange rate has stabilized near 0.8550 after last week's sharp reversal, but bears are eyeing the bottom of the trading range.
A risk-off market mood, driven by rising tensions in Iran and crude oil prices, is capping Euro rallies for now.
Federal Reserve Chairman Kevin Warsh's comments on inflation have boosted hopes of upcoming interest rate hikes, but he did not mention rate hikes directly.
Technical analysis shows key support at 0.8531, with a break below this level confirming a multiple top and shifting focus towards the July lows at 0.8485 and 0.8490.