EUR/GBP extends the consolidation in the sub-0.8700 area

EUR/GBP adds to the current range bound trade.
Market sentiment remains tilted to the risk-on side.
EMU Consumer Confidence is due next in the calendar.

Pablo Piovano FXStreet

Further improvement in the appetite for the risk complex lifts EUR/GBP to the boundaries of the 0.8700 hurdle so far on Monday.

EUR/GBP: Upside appears capped by the 200-day SMA

EUR/GBP moves to 2-day highs and jabs with the critical 0.8700 mark toward the start of the week, a region coincident with the 200-week SMA. Taking a look at the weekly chart, EUR/GBP begins the new trading week with gains after five sequential pullbacks.

Additionally, the cross contributes to the recent marginal advance while remaining well within the multi-session consolidative mood below the 200-day SMA, which is currently near 0.8740.

After it appears that a recession has been avoided on both sides of the Channel, the cross continues to closely monitor developments from the ECB and the BoE as well as the outlook for both economies.

Up until this point, the hawkish views from both central banks support the notion that extra tightening seems the most probable situation in the following month.

EUR/GBP key levels

The cross is gaining 0.08% at 0.8686 and faces the next resistance level at 0.8743 (200-day SMA) followed by 0.8834 (monthly high May 3) and then 0.8875 (monthly high April 25). On the other hand, the breakdown of 0.8661 (2023 low May 11) would expose 0.8547 (monthly low December 1 2022) and finally 0.8386 (weekly low August 17 2022).

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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