EUR/GBP flirting with session tops near 0.8800

The European cross gather further traction near the 0.8800 handle.
Both GBP and EUR trading on the defensive on stronger greenback.
US Consumer Confidence next of relevance across the pond.

Pablo Piovano FXStreet

The now softer tone around the Sterling and the single currency has pushed EUR/GBP to daily tops in the 0.8800 neighbourhood, where it now seems to have found tough resistance.

EUR/GBP in multi-day peaks

The European cross is trading at shouting distance from the critical 0.8800 milestone, at the same time challenging the area of 6-day tops.

The demand for the greenback has been gathering extra steam in past hours, reverting the negative bias that has been prevailing in the last sessions and impacting on the risk-associated space. In particular, Cable is shedding around 150 pips since daily tops near 1.4250, collaborating with the sharp rebound in the cross.

In the data space, EMU’s data releases earlier today came in below initial estimates, while mixed tone from ECB-speakers has been also collaborating with the selling pressure in EUR.

Furthermore, month/quarter-end flows should be also playing their role in light of the recent appreciation of both the British Pound and the shared currency.

Data wise today, the salient event will be US Consumer Confidence tracked by the Conference Board, seconded by the S&P/Case-Shiller Index.

EUR/GBP key levels

The cross is now gaining 0.81% at 0.88791 facing the next up barrier at 0.8837 (21-day sma) seconded by 0.8893 (200-day sma) and then 0.8971 (high Mar.7). On the other hand, a breach of 0.8687 (low Jan.25) would expose 0.8667 (2018 low Mar.22) and finally 0.8646 (low Jun.8 2017).

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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