EUR/GBP jumps to daily tops, back above mid-0.8900s post-ECB


  • The shared currency caught some fresh bids after the ECB increased PEPP by €600 billion.
  • The British pound remained depressed amid fresh Brexit jitters.

The EUR/GBP cross reversed a mid-European session dip to the 0.8930 region and moved back closer to the top end of its daily trading range post-ECB announcement.

The shared currency caught some fresh bids after the European Central Bank (ECB) decided to expand the size of its Pandemic Emergency Purchase Programme (PEPP) by €600 billion. The increase in the size of the PEPP was higher than market expectations and the positive surprise prompted some fresh buying around the euro pairs.

On the other hand, the British pound was pressured by the rising odds of hard Brexit. The market concerns resurfaced after the BoE Governor Andrew Bailey reportedly told banks to step up plans for the UK to leave the European Union without a trade deal. This comes on the back of the lack of progress in the ongoing Brexit talks, which might undermine the sterling and provide an additional boost to the EUR/GBP cross.

Moving ahead, market participants now look forward to the ECB President Christine Lagarde's comments at the post-meeting press conference, which will now play a key role in influencing the near-term sentiment surrounding the common currency.

Technical levels to watch

EUR/GBP

Overview
Today last price 0.8941
Today Daily Change 0.0007
Today Daily Change % 0.08
Today daily open 0.8934
 
Trends
Daily SMA20 0.8902
Daily SMA50 0.8828
Daily SMA100 0.8727
Daily SMA200 0.8697
 
Levels
Previous Daily High 0.8939
Previous Daily Low 0.8879
Previous Weekly High 0.9054
Previous Weekly Low 0.8881
Previous Monthly High 0.9054
Previous Monthly Low 0.8691
Daily Fibonacci 38.2% 0.8916
Daily Fibonacci 61.8% 0.8902
Daily Pivot Point S1 0.8896
Daily Pivot Point S2 0.8857
Daily Pivot Point S3 0.8836
Daily Pivot Point R1 0.8956
Daily Pivot Point R2 0.8977
Daily Pivot Point R3 0.9016

 

 

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