- 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.
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).
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
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
