EUR / GBP falls modestly to 0.8535, remains in recent range

Get real time updates directly on you device, subscribe now.

  • EUR / GBP unable to resume the bullish path, the downs are limited.
  • The cross remains stable, awaiting a confirmation above 0.8600 that is dangerously delayed.

EUR / GBP is falling moderately on Friday, and on the week after failing to return above 0.8570. The price fell to 0.8535 on Friday, the lowest in two days.

Tensions for now without impact

Geopolitical tensions in Europe they are on the rise. On the one hand, the unresolved issues of Brexit maintain the disputes between London and Brussels. The tone of the remarks is increasing and a solution to the Northern Ireland issue is not in sight anytime soon.

Added to this is the conflict between Belarus and Russia, with threats from the Lukashenko administration to cut off the gas flow. This added to the possibility of an escalation in Russian intervention in Ukraine. At the moment this does not have a significant impact on the market, but they are risk factors.

Regarding economic data, on Friday it was known that industrial production in the Eurozone fell again in September but less than expected (-0.2% against -0.5% of the consensus).

Short-term outlook

Rejection from levels above 0.8600 left the EUR / GBP with some weakness to extend the rises and favored the downward correction, which per hour has been limited. Key support can be seen at 0.8515. A dip below will expose 0.8500 and 0.8460.

The dominant short-term bias remains bullish, but for the euro to be ready for further gains it will have to overcome and affirm above 0.8600.

Technical levels

.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.