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FOREX: EURGBP Extends 2025 Rally, Set for Highest Close Since August

FOREX
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  • Despite the latest headlines from BOE’s Taylor being repeats of comments earlier in the weak, the ongoing sensitivity of sterling remains evident, with GBPUSD slipping back below the 1.22 handle and EURGBP narrowing back in on the overnight highs of 0.8454.
  • Euro stability this week has allowed the softer data in the UK to support an extension of the EURGBP rally in 2025. The cross is currently up 0.7% on the week, looking set to post its second consecutive weekly advance. A close at current levels would be the highest close since late August, with the recovery further undermining the recent bearish theme and suggesting scope for stronger short-term gains.
  • Note too that 0.8448, the Oct 31 high, has been pierced this week and a clear break of this hurdle would strengthen the bullish technical theme. Downtrend resistance intersects around 0.8475 and 0.8494, the Aug 26 high, represents the next topside target. Support at the 50-day EMA moves up to 0.8332.
  • Labour market data will headline the UK economic calendar next Tuesday.
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  • Despite the latest headlines from BOE’s Taylor being repeats of comments earlier in the weak, the ongoing sensitivity of sterling remains evident, with GBPUSD slipping back below the 1.22 handle and EURGBP narrowing back in on the overnight highs of 0.8454.
  • Euro stability this week has allowed the softer data in the UK to support an extension of the EURGBP rally in 2025. The cross is currently up 0.7% on the week, looking set to post its second consecutive weekly advance. A close at current levels would be the highest close since late August, with the recovery further undermining the recent bearish theme and suggesting scope for stronger short-term gains.
  • Note too that 0.8448, the Oct 31 high, has been pierced this week and a clear break of this hurdle would strengthen the bullish technical theme. Downtrend resistance intersects around 0.8475 and 0.8494, the Aug 26 high, represents the next topside target. Support at the 50-day EMA moves up to 0.8332.
  • Labour market data will headline the UK economic calendar next Tuesday.