EUR/GBP quickly recovers UK jobs data-led slide to sub-0.8900 level

Haresh Menghani FXStreet

The EUR/GBP cross quickly reversed a knee jerk slide to sub-8900 level and jumped back closer to the 0.8930 strong supply zone.

Currently trading around 0.8920 level, the cross slipped around 30-pips in wake of the latest UK labor market report that showed unemployment rate held steady at 42-year low and a narrow beat on the average weekly earnings growth.

The drop, however, was quickly bought into as market seemed unconvinced that today's jobs data was good enough to warrant any further BoE policy tightening beyond November meeting.

Despite of a sharp recovery, the cross struggled to break through an important hurdle near the 0.8930 region amid persistent weaker tone around the shared currency.

Meanwhile, the broader picture seems to suggest that investors seemed reluctant to place aggressive bets and prefer to wait for next week's ECB meeting before positioning for the next leg of directional move.

Technical levels to watch

A strong follow through buying interest beyond 0.8930-35 hurdle should lift the cross towards 0.8970-75 resistance ahead of the key 0.90 psychological mark.

On the downside, fall below the 0.8900 handle is likely to find support near 0.8875 horizontal level, which if broken could drag the cross towards 0.8835 support en-route the 0.8800 round figure mark.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.