EUR/GBP

The cross retested highs of past few days at 0.8646 (reinforced by falling 20DMA) on fresh bullish acceleration on surprise BoE MPC split vote (7-2 vs 9-0 f/c) on previous policy meeting, report showed today. Sterling came under fresh pressure on announcement and fell against its major counterparts, as the first non-unanimous interest rate vote in more than one year signals different views of UK policymakers and signals that more MPC members may join in rate vote for rate cut in 19 Dec BoE's next policy meeting. Fresh advance brings the cross' price in the upper part of 0.8574/0.8675, three-week congestion, which was so far capped by rising 200WMA (0.8658). Rising bullish momentum and north-heading stochastic on daily chart support recovery which needs to break above 200WMA and congestion top to signal base formation and expose next pivotal barriers at 0.8745/69 (Fibo 38.2% of 0.9019/0.8574/falling 10WMA). Caution on conflicting weekly studies (rising bearish momentum/stochastics' bullish divergence) which may limit recovery on lack of clearer signals.

Res: 0.8658; 0.8679; 0.8725; 0.8744
Sup: 0.8628; 0.8602; 0.8585; 0.8574

EURGBP

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex Analysis

Editors’ Picks

EUR/USD pressured around 1.13 after jump in US jobs

EUR/USD is trading around 1.13, down after US Non-Farm Payrolls shocked with a leap of 2.5 million jobs in May, contrary to all projections. The greenback is gaining while stocks are falling, a correlation breakdown. ECB stimulus previously supported the euro.

EUR/USD News

GBP/USD retreats from highs

GBP/USD is trading below 1.27, off the highs. The pound is struggling after Chief EU Negotiator Barnier reported little progress in Brexit talks. Robust US jobs support the dollar.

GBP/USD News

Gold sees weekly closing below $1700 - a caution for bulls

The steady decline in Gold prices (futures on Comex) accelerated on Friday, as the rates closed the week below the 1700 mark for the first time in three weeks at 1688.35. A weekly closing below the key 1700 level is unlikely to bode well for the bulls.

Gold News

Institutional demand exceeds Bitcoins supply

Greyscale floods the market with fresh money to satisfy the demand of its clients. Investors, willing to pay a 29% surcharge for exposure to Bitcoin without suffering the legal and operational inconveniences. Market remains at risk on the verge of new bullish territory.

Read more

WTI rallies above $39 as focus shifts to OPEC+ meeting

Crude oil prices built on Thursday's modest gains and rose sharply on Friday boosted by the upbeat market mood optimism surrounding Saturday's OPEC+ meeting. 

Oil News

Forex Majors

Cryptocurrencies

Signatures