EUR/GBP Rises on Lockdown Talk
EUR/GBP - H1
The week started on the back foot, but the pair began the day with gains, returning above its EMA100, which has supported it since late November.
During the European session, it rises to new month highs, as reports for imminent lockdown measures in the UK [1] harm the British Pound.
Bulls now have the 200Day EMA in their crosshair and a successful break above it, can open the door towards 0.8625.
From a purely technical prospective, the move is overextended and this may lead to a deflation towards the EMA100 (0.8510), but catalyst will be needed for larger decline beyond 0.8492-87.
Past Performance: Past Performance is not an indicator of future results.
Nikos Tzabouras
Senior Market Specialist
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.
References
Retrieved 04 Feb 2023 https://www.theguardian.com/world/2021/dec/08/ministers-expected-to-sign-off-plan-b-covid-rules-for-england |
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.