EUR/GBP jumps to 0.8675 on a stronger euro

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  • The euro among the currencies that rise the most on Monday.
  • “Hawkish” comments from ECB officials continue.
  • EUR/GBP bounces from month lows, after reaffirming support at 0.8570.

EUR/GBP is having one of the best days so far in November buoyed by a firmer Euro and also having found support again in the area around 0.8570. The cross rose to 0.8675, the highest level since Wednesday.

Leaving critical zone

The euro is among the best-performing currencies on Monday boosted by words from officials at the European Central Bank (ECB). Among them, Klass Knotthe president of the central bank of the Netherlands, said the ECB faces the risk of not tightening monetary policy enough to deal with inflation.

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The expectations of an ECB hawkish they are playing for the euro on Monday. Added to this, in particular, is the technical rebound in EUR/GBP, after having once again found support at 0.8570.

The 0.8570 zone contained the falls twice in October and now in November. It has become the key level, which if broken would leave the pound on course for further gains, with a target of 0.8500.

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The current rebound is ahead of the 20-day moving average that is at 0.8690, a level close to 0.8700 and where there is also a horizontal resistance level. In the event of a clear close above, the euro could gain support to extend the bullish run. The next firm resistance is seen at 0.8770.

technical levels

EUR/GBP

Panorama
Last Price Today 0.8658
Today’s Daily Change 0.0052
Today’s Daily Change % 0.60
Today’s Daily Open 0.8606
Trends
20 Daily SMA 0.8693
SMA of 50 Daily 0.8729
SMA of 100 Daily 0.8618
SMA of 200 Daily 0.8534
levels
Previous Daily High 0.8617
Minimum Previous Daily 0.8577
Previous Weekly High 0.8701
Previous Weekly Minimum 0.8572
Maximum Prior Monthly 0.8867
Minimum Prior Monthly 0.8572
Daily Fibonacci 38.2% 0.8601
Daily Fibonacci 61.8% 0.8592
Daily Pivot Point S1 0.8583
Daily Pivot Point S2 0.856
Daily Pivot Point S3 0.8543
Daily Pivot Point R1 0.8623
Daily Pivot Point R2 0.864
Daily Pivot Point R3 0.8663

Source: Fx Street

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