EURGBP rises to four-week highs near 0.8800

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  • The pound hits lows against its main G10 rivals.
  • EURGBP stalls below 0.8800, maintains bullish tone.

At the time the dollar accelerated higher in the market, EURGBP broke higher and jumped from 0.8740 to 0.8796, the highest intraday level since October 12. The pound lost ground throughout the market in the last few hours.

For no reason behind it, the broad dollar rally pulled GBP/USD lower than other pairs. The British currency continues to be affected by domestic issues, after intense political and economic months in the UK.

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With regard to data, the economic calendar is shown without data on the impact of the Eurozone or the United Kingdom. The market’s focus is on the US elections. The next relevant data for the cross will be on Friday with the UK GDP data and the final inflation reading for Germany, in addition to the growth forecasts for the European Commission.

Look at it at 0.8800

The EURGBP maintains a bullish tone, although the rally is facing major resistance around 0.8800. In case of overcoming and asserting itself above, the euro would be ready to extend the rises. Resistances are seen at 0.8840 and then 0.8867 (October high).

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Failing to beat 0.8800, a downward correction would be expected. The first support is seen at 0.8745 and then the low of the week appears at 0.8685.

Technical levels

EUR/GBP

Panorama
Last Price Today 0.8779
Today’s Daily Change 0.0048
Today’s Daily Change % 0.55
Today’s Daily Opening 0.8731
Trends
20 Daily SMA 0.8683
50 Daily SMA 0.872
100 Daily SMA 0.8603
200 Daily SMA 0.8514
levels
Previous Daily High 0.8744
Previous Daily Minimum 0.8692
Previous Maximum Weekly 0.8785
Previous Weekly Minimum 0.8572
Monthly Prior Maximum 0.8867
Previous Monthly Minimum 0.8572
Daily Fibonacci 38.2% 0.8724
Daily Fibonacci 61.8% 0.8712
Daily Pivot Point S1 0.87
Daily Pivot Point S2 0.867
Daily Pivot Point S3 0.8648
Daily Pivot Point R1 0.8753
Daily Pivot Point R2 0.8774
Daily Pivot Point R3 0.8805

Source: Fx Street

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