EUR/GBP Rises on Lockdown Talk

  • EURGBP
    (${instrument.percentChange}%)

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.

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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

1

Retrieved 03 Jul 2022 https://www.theguardian.com/world/2021/dec/08/ministers-expected-to-sign-off-plan-b-covid-rules-for-england

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