After an initial increase at mid 0.8800, the EUR/GBP standard met with a new supply and fell to a minimum of almost three months during the first European session.
The standard extended the strong decline of this week's decline from levels beyond the 0.8900 level and remained under intense selling pressure for the third consecutive session.
The relative underperformance of the shared currency versus its British counterpart could be attributed to recent concerns about Italy's budget proposals and some positive incumbent Brexit headlines.
On Thursday, news agencies reported that the Brexit negotiations with the EU could have reached a breakthrough, as Britain presented new proposals to avoid extensive border controls at the Irish border.
This, along with the latest headlines, through Reuters, says that the EU's Brexit negotiators believe that a divorce agreement is "very close", which involved a small uptick in the British pound and continued to exert downward pressure on the cross
Today's fall could be further attributed to some technical sales below the very important 200-day SMA. Therefore, a weakness of follow-up, in the midst of absent economic releases that move the market, now seems a different possibility.
