- Euro advances against the pound, but continues downhill against the Swiss franc.
- EUR/GBP reaches as high as 0.8702 before pulling back slightly.
EUR/GBP is rising on Thursday, and climbed to 0.8702, reaching the highest level in three days. It then pulled back and is trading around 0.8685, validating daily gains and still with a positive bias.
The cross on Wednesday had fallen to 0.8624, the lowest in a week. It started to rally during the American session and has been trading with a bullish bias throughout the day on Thursday.
Despite the strength shown by the euro against the pound, it is falling against the Swiss franc, which is one of the best performers on Thursday. EUR/CHF fell to 0.9529, hitting the intraday low since 2015. It cut losses and is trading at 0.9575, on track for the lowest daily close in history.
The expectation of a further rise of 75 basis points by the European Central Bank at the next meeting seems to be offset by the weak economic outlook and what the Swiss National Bank will do.
Technical levels
Source: Fx Street
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