Sellers remain ready to aim for the 0.8700 level then
In some ways, the pair is trading more like a divergence in virus / vaccine narratives, as things progress much more smoothly for the UK than for Europe.
While the Cable also looks set to move towards 1.4000, the EUR / GBP’s downward push is also helping to keep the underlying Pound in general for the time being.
Although the price is already trading at its lowest level since May of last year, there is still room for sellers with the 0.8700 level being targeted next.
This will be a key support level to watch alongside the April-May lows of last year around 0.8671-82. This is made more evident by the weekly chart: