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FOREX: EURGBP Matches Touted Resistance at 0.8448, Bull Cycle in Play

FOREX
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  • The tightening of German-UK spreads has underpinned EURGBP outperformance on Tuesday, with the cross still up around half a percent on the session. The latest pop higher prompted EURGBP to match the touted resistance level of 0.8448 in recent trade, the Oct 31 high and a key reversal trigger point.
  • The cross has edged ~15 pips lower following the technical hold, which potentially boosts its significance ahead of tomorrow’s inflation data release, particularly given the underlying bull cycle that is now in play.
  • As noted, a breach would signal scope for a move towards 0.8494, the August 26 high. Separately, the August highs reside at 0.8625, which could garner attention should UK fiscal concerns/uncertainty deteriorate further. Both the 20-day and 50-day EMA’s represent initial support for the cross, currently intersecting around 0.8325.
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  • The tightening of German-UK spreads has underpinned EURGBP outperformance on Tuesday, with the cross still up around half a percent on the session. The latest pop higher prompted EURGBP to match the touted resistance level of 0.8448 in recent trade, the Oct 31 high and a key reversal trigger point.
  • The cross has edged ~15 pips lower following the technical hold, which potentially boosts its significance ahead of tomorrow’s inflation data release, particularly given the underlying bull cycle that is now in play.
  • As noted, a breach would signal scope for a move towards 0.8494, the August 26 high. Separately, the August highs reside at 0.8625, which could garner attention should UK fiscal concerns/uncertainty deteriorate further. Both the 20-day and 50-day EMA’s represent initial support for the cross, currently intersecting around 0.8325.