EUR/GBP breaks above 0.8600 and jumps to highest in two months near 0.8650


  • Pound under pressure amid fuel supply crisis in the UK.
  • EUR/GBP about to test the 200-day SMA for the first time since January.

The EUR/GBP jumped from one-week lows under 0.820, breaking above 0.8600. The euro soared to 0.8640, reaching the highest level since July 21. The cross remains near the highs, with a solid bullish momentum on the back of a weaker pound across the board.

The crisis in the supply chain in the United Kingdom is affecting the near-term economic outlook and weighs on the currency. Economists warn the crisis could impact on critical sectors, like what is happening with fuel, and probably push inflation higher and weigh on consumer confidence.

The pound is the worst performer among G10 currencies. The GBP/USD pair is falling more than 150 pips as it trades at 1.3525, the lowest level since January while EUR/GBP is having the biggest daily gain in months.

EUR/GBP holding firm above 0.8600

The cross approached the 200-day moving average that stands at 0.8650. A daily close around the current level should support more gains in the short term. The next level to watch stands at 0.8665/70, the June high.

A decline back under 0.8600 would alleviate the bullish pressure and should suggest the continuation of the range between 0.8600 and 0.8500.

Technical levels

EUR/GBP

Overview
Today last price 0.8628
Today Daily Change 0.0091
Today Daily Change % 1.07
Today daily open 0.8537
 
Trends
Daily SMA20 0.8564
Daily SMA50 0.8547
Daily SMA100 0.8568
Daily SMA200 0.8655
 
Levels
Previous Daily High 0.858
Previous Daily Low 0.8528
Previous Weekly High 0.8613
Previous Weekly Low 0.8532
Previous Monthly High 0.8599
Previous Monthly Low 0.845
Daily Fibonacci 38.2% 0.8548
Daily Fibonacci 61.8% 0.856
Daily Pivot Point S1 0.8516
Daily Pivot Point S2 0.8496
Daily Pivot Point S3 0.8463
Daily Pivot Point R1 0.8569
Daily Pivot Point R2 0.8601
Daily Pivot Point R3 0.8622

 

 

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