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EURGBP: Bearish Momentum Bears Down on Major Support

EURGBP
CEEMEABulletUKMarketsForeign Exchange Bullets

A fourth consecutive session of lower lows and lower highs for EUR/GBP as the cross continues to pile pressure on support, with 0.8203 the level to watch - the Mar 7 ‘22 low and the lowest point of a multi-year range. A break through support here would work against the RSI and could tip the price into technically oversold territory for the first time since September.

  • This week's break lower has cancelled a recent bullish signal - an engulfing candle on Nov 12 - as rate differentials and aggressive ECB pricing dictate play. OIS markets now re-price over 6 x 25bps cuts in the coming 8 meetings, while BoE pricing has held generally stable across late November/early December.
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A fourth consecutive session of lower lows and lower highs for EUR/GBP as the cross continues to pile pressure on support, with 0.8203 the level to watch - the Mar 7 ‘22 low and the lowest point of a multi-year range. A break through support here would work against the RSI and could tip the price into technically oversold territory for the first time since September.

  • This week's break lower has cancelled a recent bullish signal - an engulfing candle on Nov 12 - as rate differentials and aggressive ECB pricing dictate play. OIS markets now re-price over 6 x 25bps cuts in the coming 8 meetings, while BoE pricing has held generally stable across late November/early December.