EUR/GBP deflates from highs, near 0.8670

Pablo Piovano FXStreet

After a brief adventure to the vicinity of the 0.8700 handle, EUR/GBP has now returned to the 0.8675/70 band.

EUR/GBP lower as GBP recovers

Despite the correction from daily tops, the European cross keeps the positive tone helped by the solid performance from the single currency and the Sterling, both picking up extra pace amidst an increasingly offered Dollar.

Wednesday’s press conference by US president-elect Donald Trump has disappointed market expectations to see further detail on his potential economic policies, prompting quite a moderate sell off in USD.

In the meantime, GBP has managed to recover from yesterday’s deep pullback, with recent renewed Brexit fears taking the passenger’s seat for the time being. In addition, at his testimony before the Treasury Select Committee on Wednesday, Governor M.Carney noted the UK faces risks from the global economy, which could be amplified by Brexit

EUR/GBP key levels

The cross is now advancing 0.01% at 0.8669 and a surpass of 0.8702 (high Jan.12) would aim for 0.8762 (high Jan.10) and finally 0.8828 (high Nov.10). On the other hand, the next support is located at 0.8634 (100-day sma) ahead of 0.8581 (55-day sma) and then 0.8446 (low Jan.3).

Sell 100%

Buy 0%

Avg Sell Price 0.8480

Avg Buy Price 0.0000

Liquidity Distribution

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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