- Euro gains momentum against the pound, but remains in recent range.
- The pound under pressure as the GBP / USD decline.
The EUR / GBP went in a short time from the low of the day at 0.8680 to rise to 0.8717, reaching the highest level since Monday. The euro lost momentum around 0.8720 and fell back.
The EUR / GBP is trading around 0.8710, still with a bullish bias, supported by the decline in the GBP / USD. While EUR / USD is also at the day’s lows, the pound’s decline against the dollar is being faster.
The dollar is the best performing currency on Friday, buoyed by US economic data and a drop in stocks. In Europe, the Eurozone data showed a contraction in the economy during the first quarter but less than expected, without affecting the EUR / GBP.
The crossing is on its way to ending the emana practically unchanged compared to the close of seven weeks ago, with the day ending at around 0.8700 / 10. This implies that the upside is still limited by the strong 0.8720 barrier, while the downs are not sustainable. This leaves a vague outlook with a bullish bias, with strong resistance near 0.8720, which if overcome would trigger more gains, with a possible first target at 0.8755.
Technical levels
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