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EUR/GBP Extends Losing Streak, Despite Intraday Bounce

EURGBP
  • Having traded generally well across the European morning to hold the bulk of the late Monday rally, GBP/USD is ebbing into the NY crossover, printing 1.2708 to show below both the 50% and 61.8% retracements for the Monday leg higher.
  • The 15min candle chart shows an uptick in downward momentum on the break of the Friday close, making 1.2673 and 1.2612 the next levels of support.
  • UK specific newsflow has been light outside of a 20y Gilt auction earlier this morning that drew strong investor interest, but had little read through for the currency.
  • Perhaps more notably, despite the bounce during Tuesday, the streak of lower lows for EUR/GBP has extended to seven consecutive sessions, further reversing the late Dec leg higher and narrowing the gap with 0.8549 mid-December lows.
  • Activity data due later in the week is the near-term focus, with markets expecting November industrial production to recover after a weak October showing.
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