EUR/GBP extending the bullish gap as EUR/USD picks up the pace

Ross J Burland FXStreet

Currently, EUR/GBP is trading at 0.8517, up 0.31% on the day, having posted a daily high at 0.8530 and low at 0.8478.

EUR/GBP has extended the upside and building on the French election-led bullish gap with a test of the 0.8520 resistance while EUR/USD advances towards the mid point of the 1.09 handle. After a lull and phase of consolidation post-French election's first round, this week will start to pick up again politically. We have Trump's promises of tax reform plans, Congress meeting to discuss the debt ceiling, key US and UK data in GDP first estimate and preliminary readings and US durable goods. The ECB are also on the cards; It will be interesting to see if there will be a tweak to policy language now that Macron appears to be a safe bet according to polls.

EUR/GBP levels

0.8450 supports the sideways bullish channel guarding room to close the gap to 0.8350/62. Below there, we have the 0.8334/04 December, February and April lows. On the upside, price targets the 55- and 200-day moving averages at 0.8560/94 and the seven-month resistance line at 0.8633.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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