• EUR/GBP gained some positive traction on Monday, through lacked follow-through buying.
  • The recent hawkish remarks by the ECB policymakers continued lending support to the euro.
  • Rising bets for a jumbo BoE rate hike, a weaker USD benefitted sterling and capped the upside.

The EUR/GBP cross attracted some dip-buying near the 0.8485 region on the first day of a new week and reversed its modest losses recorded on Friday. The cross maintained its bid tone through the early European session and was last seen trading near the daily high, around the 0.8515 region.

The shared currency continued drawing support from the recent hawkish comments by the European Central Bank policymakers, hinting at a probable rate hike in July. On the other hand, the UK-EU impasse over the Northern Ireland protocol acted as a headwind for the British pound and offered additional support to the EUR/GBP cross.

That said, rising bets for a jumbo interest rate hike by the Bank of England, along with the prevalent US dollar selling bias, underpinned sterling and kept a lid on any further gains for the EUR/GBP cross. Investors also seemed reluctant to place aggressive directional bets ahead of the key European Union summit starting this Monday.

Apart from this, traders will take cues from the flash German consumer inflation figures, which might influence the euro and provide some meaningful impetus to the EUR/GBP cross. This makes it prudent to wait for strong follow-through buying before positioning for any further intraday appreciating move for the EUR/GBP cross.

Technical levels to watch

EUR/GBP

Overview
Today last price 0.8496
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 0.8496
 
Trends
Daily SMA20 0.8497
Daily SMA50 0.8416
Daily SMA100 0.8389
Daily SMA200 0.8445
 
Levels
Previous Daily High 0.8523
Previous Daily Low 0.8481
Previous Weekly High 0.8587
Previous Weekly Low 0.8433
Previous Monthly High 0.8467
Previous Monthly Low 0.825
Daily Fibonacci 38.2% 0.8497
Daily Fibonacci 61.8% 0.8507
Daily Pivot Point S1 0.8477
Daily Pivot Point S2 0.8458
Daily Pivot Point S3 0.8436
Daily Pivot Point R1 0.8518
Daily Pivot Point R2 0.8541
Daily Pivot Point R3 0.856

 

 

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD corrects below 1.0300 as DXY strengthens ahead of US Michigan CSI

EUR/USD corrects below 1.0300 as DXY strengthens ahead of US Michigan CSI

EUR/USD has tumbled to near 1.2850 amid a significant recovery in the DXY. A lower US CPI print has trimmed the odds of hawkish guidance while rate hike odds are solid. This week, the US Michigan CSI data will be of utmost importance.

EUR/USD News

GBP/USD pares US inflation-led gains near 1.2200, UK ministers’ meeting with energy firms, GDP eyed

GBP/USD pares US inflation-led gains near 1.2200, UK ministers’ meeting with energy firms, GDP eyed

GBP/USD remains pressured around 1.2200 heading into Thursday’s London open, having witnessed the most significant daily jump in two months the previous day. US Jobless Claims, PPI will also be important for intraday directions.

GBP/USD News

Gold: Bear cross outweighs softer US inflation, 50 DMA support at risk Premium

Gold: Bear cross outweighs softer US inflation, 50 DMA support at risk

Gold price is extending its retreat from one-month highs of $1,808, as the US dollar is in a recovery mode amid sluggish Treasury yields and mixed market sentiment. Investors assess the odds for a big Fed rate hike next month.

Gold News

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price has managed to stay above the POC at $0.0000118, indicating support from bulls. A continuation of this momentum could trigger a 60% rally to $0.0000200. A daily candlestick close below the $0.0000106 support level will invalidate the bullish thesis for SHIB.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures