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EURGBP: Consistently Edging Lower, Approaching 0.8397 Support

EURGBP
  • Aside from the significant moves for the greenback and the Yen, EURGBP has been craftily grinding lower over the past three sessions and is currently approaching support. Chair Powell will likely set the tone for global markets on Monday, however, UK CPI (Wed) & labour market data (Thu) combined with Thursday’s ECB meeting could provide a volatile backdrop for EURGBP.
  • After respecting a re-test of the key 0.8500 pivot last week, EURGBP has moved steadily lower. Price action for the cross has narrowed the gap to a key support at 0.8397, the Jun 14 low and the bear trigger. Clearance of this level resumes the downtrend and would place the immediate focus on 0.8366, the 2.236 projection of the Apr 23 - 30 - May 9 price swing.
  • Additionally, the weaker dollar has helped propel GBPUSD to levels not seen since July last year and naturally, the psychological 1.30 level and 1.3142 (2023 high) will remain key resistance points of note. Breaks of these levels will likely exacerbate any downside momentum for EURGBP.
  • Sterling remains the strongest G10 currency YTD, exhibiting resilience in the face of the global geopolitical context and domestic political changes, now further benefitting from the risk-on environment across global equity markets.
CEEMEABulletUKGlobalForeign Exchange BulletsRegion
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