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.

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