- EUR / GBP rallied to 0.8580 and then lost momentum staying in range.
- Ahead: decision of the European Central Bank.
The EUR / GBP climbed to 0.8581, the highest level in two days on Thursday, and then fell back to 0.8565. The cross awaits the decision of the European Central Bank (ECB) moving in a range with a lateral bias.
The euro does not offer much variation so far on Thursday. Attention is focused on the ECB’s decision. No changes are expected in the interest rate, or in the purchase program. The focus will be on what the ECB can say about the rise in bond yields and what they would do if the trend accelerates.
Mentions about yields, especially during Lagarde’s press conference (13:30 GMT) can generate noise about the euro crosses.
From a technical point of view EUR / GBP continues to trade sideways, with a range strongly supported at 0.8550 / 55. The break of this level would increase the downward pressure, exposing the floor of this year which is at 0.8535. In the opposite direction, the roof of the range is the zone of 0.8580. A confirmation above would point to a strengthening of the euro, with high chances of a return above 0.8600.
Technical levels
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