EUR/GBP to extend the rally on a close above the 0.8671 mark – Commerzbank

FXStreet Team FXStreet

EUR/GBP is seeing a strong recovery after falling to the 0.8471/65 area. According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, a close above the 0.8671 level is key to see further gains.

See: EUR/GBP to decline towards 0.84 fueled by UK's vaccination success – Credit Suisse

EUR/GBP rebounds from the 0.8471/65 neighborhood

“EUR/GBP has seen a very strong reversal from the March and May 2019 lows at 0.8471/65 and has tested the 55-day ma at 0.8663, directly above here lies the April 2020 low at 0.8671.”

“A close above the 0.8671 would imply that the market has based, which introduces scope to the late February high at 0.8732.”

“A rise above 0.8732 would target the lows seen in June, September and November at 0.8861/65.”

“Dips would find initial support offered by the 20-day ma at 0.8567 ahead of key support at 0.8471/65.”

Author

FXStreet Team

FXStreet

EUR/USD weakens toward 1.1600 as firm US data revives the US Dollar

The EUR/USD edged lower on Thursday, down some 0.21% as market sentiment remains risk averse due to the ongoing conflict in the Middle East. This and solid US economic data pushed the pair lower towards the 1.1600 figure ahead of Friday’s session.

GBP/USD drifts lower heading into NFP range

GBP/USD edged lower by 0.2% on Thursday, settling close to 1.3350 in a strained trading session that kept the pair pinned near three-month lows. Price briefly recovered earlier in the day on reports that Iran had indirectly signaled openness to talks with the CIA, but the bounce faded as Israeli officials reportedly advised Washington to disregard the overture.

Gold slumps below $5,100 as US Dollar gains

Gold price tumbles to near $5,085 during the early Asian session on Friday. The precious metal loses ground amid a stronger US Dollar. The US employment report for February will take center stage later on Friday.

NYSE parent Intercontinental Exchange partners with OKX, invests at a $25B valuation

OKX announced an investment from Intercontinental Exchange, raising its valuation to $25 billion, alongside a partnership to expand regulated crypto futures and tokenized equity offerings globally.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.