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GBP: EURGBP Rally Highlights Potential for Stronger Reversal

GBP
CEEMEABulletUKMarketsForeign Exchange Bullets
  • Despite the underlying dollar bid, the underperformance for UK assets has prompted a solid uptick for EURGBP on Wednesday, and a firm break above resistance at 0.8311, the 50-day EMA.
  • We have reached a high of 0.8348 so far, and this represents a six-week high for the cross. Price action today undermines the dominant bear theme and highlights the potential a stronger reversal. Further weakness below the 2024 highs in cable would likely add to the topside momentum in EURGBP.
  • Above here, the focus will be on 0.8376, the Nov 19 high and technical bull trigger. 
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  • Despite the underlying dollar bid, the underperformance for UK assets has prompted a solid uptick for EURGBP on Wednesday, and a firm break above resistance at 0.8311, the 50-day EMA.
  • We have reached a high of 0.8348 so far, and this represents a six-week high for the cross. Price action today undermines the dominant bear theme and highlights the potential a stronger reversal. Further weakness below the 2024 highs in cable would likely add to the topside momentum in EURGBP.
  • Above here, the focus will be on 0.8376, the Nov 19 high and technical bull trigger.