- Following the strong rebound on Wednesday, the EUR / GBP continues to materialize the correction.
- The euro among the best performers on Thursday.
The EUR / GBP continues with a strong bullish tone that contrasts what has been almost all of this month. After falling to a one-year low at 0.8537, the price rebounded strongly, in a movement that is still continuing. It reached 0.8653 on Thursday, a daily maximum, already accumulating a rebound of more than one hundred pips.
The pound’s rally against the euro came to an abrupt end on Wednesday. The roles have been reversed and the euro is now the currency that stands out in the market, cwith the EUR / USD exceeding 1.2200 and the GBP / USD failing to sustain above 1.4200.
For now This is not a change in the EUR / GBP bottom trend, but rather a high speed upward correction. Also contributing to the rebound was GfK’s German consumer confidence data, which improved to -12.9 in February from the previous month’s revised upward reading of -15.5.
The fundamental underlying theme that has been the key support for the pound, that the United Kingdom will be one of the first economies to return to normality due to vaccination, is still in force, although the doubt remains whether it has already been discounted completely in the crossing.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
