EURGBP breaks above 0.8800, hits four-week highs


  • Pound under pressure, cable falls under 1.1400.
  • EURGBP heads for highest daily close since October 11.

The EURGBP rose further during the American session and strengthened the rally after breaking above 0.8800. The cross peaked at 0.8820, reaching the highest level since October 11.

The pound is among the worst performers in the G10 space on Wednesday. The currency remains vulnerable after two months of political and economic tensions in the United Kingdom. The caution tone across financial markets is not helping the pound. The Dow Jones is falling by 0.87% and the Nasdaq drops by 1.25%.

The slide of GBPUSD below 1.1400 added to the broad-based slide of the pound. As of writing, Cable is trading at 1.1370, the lowest in two days, down more than 150 pips.

“Over the coming weeks, we would expect GBP investors to be focused on the impact of the November 17 Autumn Statement, the ability of PM Sunak to hold the Tory party together, the outlook for UK growth/recession and BoE interest rates.  We would expect issues surrounding the (Northern Ireland) protocol only to have a clear impact on GBP as any related deadlines approach.  We are yet to be persuaded to alter our bearish view on the pound and maintain a 3-month forecast of EUR/GBP 0.89”, said analysts at Rabobank.

Technical levels

EUR/GBP

Overview
Today last price 0.8797
Today Daily Change 0.0066
Today Daily Change % 0.76
Today daily open 0.8731
 
Trends
Daily SMA20 0.8683
Daily SMA50 0.872
Daily SMA100 0.8603
Daily SMA200 0.8514
 
Levels
Previous Daily High 0.8744
Previous Daily Low 0.8692
Previous Weekly High 0.8785
Previous Weekly Low 0.8572
Previous Monthly High 0.8867
Previous Monthly Low 0.8572
Daily Fibonacci 38.2% 0.8724
Daily Fibonacci 61.8% 0.8712
Daily Pivot Point S1 0.87
Daily Pivot Point S2 0.867
Daily Pivot Point S3 0.8648
Daily Pivot Point R1 0.8753
Daily Pivot Point R2 0.8774
Daily Pivot Point R3 0.8805

 

 

Share: Feed news

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.

Recommended content


Recommended content

Editors’ Picks

EUR/USD holds steady near 1.0850 ahead of Eurozone PMIs

EUR/USD holds steady near 1.0850 ahead of Eurozone PMIs

EUR/USD oscillates near 1.0850 in the early European session on Wednesday, flirting with two-week lows. The pair turns cautious ahead of preliminary Eurozone PMI data while the US Dollar faces fresh selling amid the USD/JPY slide. US PMIs eyed as well. 

EUR/USD News

GBP/USD remains pressured below 1.2900, UK/ US PMIs eyed

GBP/USD remains pressured below 1.2900, UK/ US PMIs eyed

GBP/USD remains under pressure below 1.2900 early Wednesday. Broad risk-aversion offsets the USD/JPY decline-driven US Dollar weakness, rendering negative for the pair. The focus now shifts to the UK and US S&P Global PMI readings. 

GBP/USD News

Gold stays hopeful above $2,400, as US PMI data loom

Gold stays hopeful above $2,400, as US PMI data loom

Gold price is looking to build on the previous rebound above $2,400 in Asian trading on Wednesday, despite a buoyant tone seen around the US Dollar and the US Treasury bond yields. Gold traders now look forward to the global preliminary business PMI data for fresh trading impetus.  

Gold News

PEPE price poised for a rally after retesting trendline support

PEPE price poised for a rally after retesting trendline support

PEPE price broke out of a descending channel pattern, surging by 12%, but is experiencing a corrective pullback, trading 2.3% lower at $0.0000121 as of Wednesday. 

Read more

Bank of Canada: Rate cut expected; forward guidance eyed

Bank of Canada: Rate cut expected; forward guidance eyed

The Bank of Canada will take centre stage at 13:45 GMT. Alongside the rate decision, the central bank will deliver the rate statement and the Monetary Policy Report, released quarterly and providing investors with a glimpse of what the central bank expects in Q3.

Read more

Forex MAJORS

Cryptocurrencies

Signatures