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EURGBP breaks back above 50-dma on Bailey headlines

GBP
  • GBPUSD still a bit lower, following the earlier headlines about Bailey saying inflation will drop in April - it fell from around 1.2443 to a low of 1.2424 (around 20 pips). It has retraced about half of that move as it became clear that he was just referring to the Bank's February MPR forecasts.
  • EURGBP, however, remains close to its highs of the day having been trending up from 0.8540 to a high of 0.8568 over the past few minutes.
  • This has seen EURGBP move than reverse the move to a low of 0.8521 earlier this morning after breaking back above the 50-dma which comes in at 0.8552 today. 0.8586, the high of April 5 is the next resistance with the March 22 the key resistance here.
  • Our technical analyst notes that clearance of this hurdle would confirm a continuation of the recovery that started Feb 14 and open 0.8678, a Fibonacci retracement point.
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