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FOREX: EURGBP Extending 2025 Rally, Testing Downtrend From 2022 High

FOREX
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  • Euro stability last week allowed the softer data in the UK to support an extension of the EURGBP rally across 2025. The cross rose 0.66% on the week, posting its second consecutive weekly advance and the highest close since late August. The recovery further undermines the recent bearish theme and is suggesting scope for stronger short-term gains.
  • Note too that a clear break of 0.8448, the Oct 31 high, strengthens the bullish technical theme, with the cross also now testing downtrend resistance around 0.8475, drawn from the 2022 and 2024 highs.
  • Above here, 0.8494 represents the next topside target, followed by 0.8530, the 76.4% retracement of the Aug 8 - Dec 19 downleg. Support at the 50-day EMA moves up to 0.8341.
  • Labour market data will headline the UK economic calendar tomorrow, while Eurozone flash PMIs on Friday should be impactful for the single currency.
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  • Euro stability last week allowed the softer data in the UK to support an extension of the EURGBP rally across 2025. The cross rose 0.66% on the week, posting its second consecutive weekly advance and the highest close since late August. The recovery further undermines the recent bearish theme and is suggesting scope for stronger short-term gains.
  • Note too that a clear break of 0.8448, the Oct 31 high, strengthens the bullish technical theme, with the cross also now testing downtrend resistance around 0.8475, drawn from the 2022 and 2024 highs.
  • Above here, 0.8494 represents the next topside target, followed by 0.8530, the 76.4% retracement of the Aug 8 - Dec 19 downleg. Support at the 50-day EMA moves up to 0.8341.
  • Labour market data will headline the UK economic calendar tomorrow, while Eurozone flash PMIs on Friday should be impactful for the single currency.
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