EUR / GBP weakened, approaching 0.8600

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  • The pound continues to move higher against the euro after reversing direction on Friday.
  • EUR / GBP lost over a hundred pips since last week’s peak.

EUR / GPB is falling on Monday for the second day in a row and continues the pullback that started on Friday from a week high near 0.8730. It has just marked a low for the day at 0.8625, and remains close to that level with a bearish bias in the very short term.

The volatility in the cross remains high, in addition to possible new events due to an inertial issue after last week it jumped from lows in almost a year at 0.8535 to 0.8730, to end the week in positive. This was a sign of some stabilization, although not necessarily of sustained recovery of the euro.

The PMI data for the Eurozone and the United Kingdom showed better-than-expected readings on developments in February. The figures had no influence on the market. They show that economies performed well in February. Inflation figures of Germany and the president of the European Central Bank will speak.

Traders keep a close eye on the bond market and equity markets. Stocks in Europe and Wall Street futures are positive, with gains of over 1%, recovering from Friday’s drop.

Technical levels

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