FxWirePro: Pound plunges as investors pull the plug, EUR/GBP spikes to hit 11-year high

EUR/GBP chart - Trading View 

EUR/GBP spiked higher on Thursday's trade to hit 11-year high, bias remains bullish.

The pair has paused just shy of 0.95 handle and has since pared most of today's gains to currently trade at 0.9392.

The British pound has crashed as investors pull the plug on a panic reaction as the number of confirmed Coronavirus cases increases.

UK Prime Minister Boris Johnson has been widely criticised for confused response to COVID-19 and lack of clarity nor direction for the UK public.

Increasing selling pressure in the pound helps the upside in EUR/GBP, scope for further gains.

Rising speculations that the BoE could announce further easing in order to fight the impact of the COVID-19 on the UK economy keeps GBP under pressure.

The pair has gained a massive 8.97% for the month till date and monthly charts show scope for further gains.

Next major resistance lies at 0.96 (major trendline resistance). Break above will open further upside.