EUR/GBP drops further to the 0.9100 area, as pound outperforms


  • Euro hits multi-day lows versus dollar, pound and Swiss franc.
  • Pound continues to recover after last week sell-off.

The EUR/GBP is falling for the third consecutive day in a row. From the last week high it has fallen almost two hundred pips making an important reversal. Recently it bottomed at 0.9094, the lowest since last Thursday.

Economic data from the UK released earlier on Wednesday showed higher than expected CPI numbers but it was not the catalyst for the slide of EUR/GBP. The euro weakened on the back of speculations about the need for more stimulus from the European Central Bank.

On the contrary, the pound is again among the top performers of the currency market supported by risk appetite and mainly by some sings that the United Kingdom government could soften its internal market legislation. Still, tensions between the UK and the Europe Unions are in place.

Market participants now turn their attention to the FOMC meeting. The Federal Reserve will announce its decision that could trigger market volatility.

Technical levels

The immediate support in EUR/UGBP is the 0.9100 level: a consolidation below would suggest more weakness ahead while the next support strand at 0.9065. On the upside, resistance levels might be seen at 0.9170 followed by 0.9205/10.

 

EUR/GBP

Overview
Today last price 0.9113
Today Daily Change -0.0078
Today Daily Change % -0.85
Today daily open 0.9191
 
Trends
Daily SMA20 0.9023
Daily SMA50 0.9034
Daily SMA100 0.8982
Daily SMA200 0.8808
 
Levels
Previous Daily High 0.9259
Previous Daily Low 0.9184
Previous Weekly High 0.9292
Previous Weekly Low 0.8929
Previous Monthly High 0.907
Previous Monthly Low 0.8909
Daily Fibonacci 38.2% 0.9212
Daily Fibonacci 61.8% 0.923
Daily Pivot Point S1 0.9164
Daily Pivot Point S2 0.9136
Daily Pivot Point S3 0.9088
Daily Pivot Point R1 0.9239
Daily Pivot Point R2 0.9287
Daily Pivot Point R3 0.9314

 

 

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