EUR/GBP fading that takes place in the highs of the London session

Currently, the pair EUR/GBP is trading at 0.8958, an increase of 0.14% on the day, having posted a daily maximum at 0.8968 and a minimum at 0.8933. The cross fell in the final of the flows of the month and then jumped back to his current price.

The pair EUR/GBP reached new highs as the markets in europe and London come to a close for the month. The pair EUR/USD scored a new record as did the pound, to a point, reach the level of 1.3200, while the euro did hit a high of 1.1832.

“The meeting of the PMC in the Uk occurs after the PMI data in the morning, and is likely to be sufficiently robust to keep the bears esterlinos in line,” explained Kit Juckes, an economist with Societe Generale. “The news from Europe seem to have no importance in Europe. With the ECB closed, the economy still has low inflation, but the growth is a good number. The policy debate is not going anywhere. Nor, probably, the euro.

Levels of EUR/GBP

“The pair EUR/GBP in the short term is falling from its resistance to Fibo”, said analyst of Commerzbank, adding that “the pair EUR/GBP tested the last week the retracement to 61.8% (around 0.8987) of the bearish movement of the maximum of October 2016.

The maximum of the last week of 0.997 remains the point of rupture to 0.9059, the highest since mid-October of 2016. The market will remain immediately operating above 0.8743 the minimum of the 14th of July. The initial support is the uptrend from 0.8820 to short-term and 0.8781 near that level. “

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