EUR/GBP recovers further from 3-week lows, retakes 0.9100 mark


  • EUR/GBP gains some traction and recovers further from three-week lows.
  • The GBP bulls turned cautious and wait for the final round of Brexit negotiations.
  • A modest pickup in demand for the euro remained supportive of the uptick.

The EUR/GBP cross refreshed daily tops during the mid-European session, with bulls now looking to build on the momentum further beyond the 0.9100 mark.

Following an early dip to the 0.9060 region, the cross managed to attract some buying interest and built on the previous day's goodish rebound from the 0.9025 region, or three-week lows. The British pound's relative underperformance against its European counterpart could be attributed to cautiousness ahead of the ninth round of Brexit negotiations.

Reports suggest that both the sides remain optimistic that some kind of a deal will be struck ahead of the upcoming EU summit in mid-October. Investors, however, preferred to wait for fresh Brexit updates, which, in turn, prompted some short-covering move around the EUR/GBP cross. Hence, Thursday could be a critical day for the GBP traders.

The EU's chief Brexit negotiator Michel Barnier and his UK counterpart David Frost will update the press on the status of talks on Thursday. Given that this would be the final round of official negotiations, the outcome will be significant for the future EU-UK relationship and should play a key role in influencing the sterling.

The EUR/GBP pair's intraday uptick was further supported by the emergence of some buying around the shared currency, fueled by the ongoing USD pullback from two-month tops. Market participants now look forward to the prelim German consumer inflation figures for some meaningful trading opportunities amid absent relevant macro data from the UK.

Technical levels to watch

EUR/GBP

Overview
Today last price 0.9108
Today Daily Change 0.0020
Today Daily Change % 0.22
Today daily open 0.9088
 
Trends
Daily SMA20 0.9099
Daily SMA50 0.9055
Daily SMA100 0.9019
Daily SMA200 0.8839
 
Levels
Previous Daily High 0.9124
Previous Daily Low 0.9025
Previous Weekly High 0.922
Previous Weekly Low 0.9113
Previous Monthly High 0.907
Previous Monthly Low 0.8909
Daily Fibonacci 38.2% 0.9063
Daily Fibonacci 61.8% 0.9086
Daily Pivot Point S1 0.9034
Daily Pivot Point S2 0.8981
Daily Pivot Point S3 0.8936
Daily Pivot Point R1 0.9133
Daily Pivot Point R2 0.9177
Daily Pivot Point R3 0.9231

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

AUD/USD fuelled 0.2% by strong PMI Composite in early Asia

AUD is up on the day so far as early data gives the bulls a head start. Early Asia has been kind to Aussie bulls with the price of the currency extending its late New York gains with a robust Construction PMI report, solidly above the 50.0 expansion level, arriving at 54.2.

AUD/USD News

NZD/USD bullish bets above 0.6690 marked down by CPI miss

NZD/USD bulls have been stopped in their tracks by the miss in the CPI data. The US dollar found a lease of life on Wall Street, bulls encouraged by data. New Zealand's CPI was released in recent trade which has changed the bird's flight trajectory in early Asia.

NZD/USD News

XAU/USD’s reversal extends to $1,900 area

Gold’s upside attempt witnessed on Wednesday has been short-lived as the precious metal was unable to extend gains beyond $1.930 area. XAU/USD has given away gains on Thursday, with US dollar demand picking up amid a sourer market sentiment and upbeat US macroeconomic figures.

Gold News

Bitcoin rises to new yearly highs while the rest of the crypto market follows

Bulls are finally making a comeback into the market and regaining full control of the price across the board. According to the data by CoinMarketCap, a massive $22 billion has come into the market amid Bitcoin’s recovery beyond $13,000.

Read more

WTI bulls keep the fuell buring into Wall Street close

West Texas Intermediate crude oil is higher on the day, although has run into resistance and started to consolidate.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures