- 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.
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).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.