EUR/GBP approaches monthly high near 0.8600 post ECB minutes

EUR/GBP edges higher in the early European session on Friday.
The Euro gains momentum on hawkish ECB, mixed data.
The sterling remains on the backfoot amid concerns of economic slowdown due to Brexit induced supply-chain disruptions.

Rekha Chauhan Independent Analyst

EUR/GBP edges higher on the last trading day of the week in the early European trading hours. The pair followed the previous day’s gains and extend the upside to trade nearly daily highs.

At the time of writing, EUR/GBP is trading at 0.8585, up 0.12 % for the day.

The shared currency gathers momentum against the pound after the European Central Bank ( ECB) latest minutes of a meeting revealed that there was an extensive debate over the new guidance on interest rates and revisions to align with the board members hawkish views.

Meanwhile, ECB Vice President Luis de Guindos signaled that the central bank could revise it macroeconomic projections again in September after recent upbeat business activity in Q3.

It is worth noting that S&P 500 Futures were trading down at 4,470 with 0.58% losses.

On the other hand, the British pound remained under pressure as the Brexit chaos continue to linger on the economy. A monthly reading of private-sector economic growth weakened to a six-month low as supply constraints dampened service and manufacturing sector recovery.

As for now, the market dynamics continue to influence the pair’s performance in the near future.

EUR/GBP additional levels

EUR/GBP

Overview
Today last price	0.8586
Today Daily Change	0.0007
Today Daily Change %	0.08
Today daily open	0.8579

Trends
Daily SMA20	0.8523
Daily SMA50	0.8549
Daily SMA100	0.8592
Daily SMA200	0.8704

Levels
Previous Daily High	0.8584
Previous Daily Low	0.855
Previous Weekly High	0.8591
Previous Weekly Low	0.8484
Previous Monthly High	0.867
Previous Monthly Low	0.85
Daily Fibonacci 38.2%	0.8571
Daily Fibonacci 61.8%	0.8563
Daily Pivot Point S1	0.8558
Daily Pivot Point S2	0.8537
Daily Pivot Point S3	0.8524
Daily Pivot Point R1	0.8592
Daily Pivot Point R2	0.8605
Daily Pivot Point R3	0.8626

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD drops to daily lows near 1.1630

EUR/USD now loses some traction and slips back to the area of daily lows around 1.1630 on the back of a mild bounce in the US Dollar. Fresh US data, including the September PCE inflation numbers and the latest read on December consumer sentiment, didn’t really move the needle, so the pair is still on course to finish the week with a respectable gain.

GBP/USD trims gains, recedes toward 1.3320

GBP/USD is struggling to keep its daily advance, coming under fresh pressure and retreating to the 1.3320 zone following a mild bullish attempt in the Greenback. Even though US consumer sentiment surprised to the upside, the US Dollar isn’t getting much love, as traders are far more interested in what the Fed will say next week.

Gold makes a U-turn, back to $4,200

Gold is now losing the grip and receding to the key $4,200 region per troy ounce following some signs of life in the Greenback and a marked bounce in US Treasury yields across the board. The positive outlook for the precious metal, however, remains underpinned by steady bets for extra easing by the Fed.