Note

EUR/GBP PRICE FORECAST: LACKS FIRM INTRADAY DIRECTION, STUCK IN A RANGE BELOW ONE-WEEK TOP

· Views 43



  • EUR/GBP struggles to gain any meaningful traction and oscillates in a range on Thursday.
  • The formation of a rectangle might still be categorized as a bearish consolidation phase.
  • A convincing break below the 0.8400 round figure should pave the way for deeper losses.

The EUR/GBP cross oscillates in a narrow band through the first half of the European session and currently trades around the 0.8425-0.8430 area, just below a one-week high touched earlier this Thursday.

The British Pound (GBP) continues with its relative outperformance in the wake of expectations that the Bank of England's (BoE) rate-cutting cycle is more likely to be slower than in the Eurozone or the United States. This, in turn, is seen as a key factor acting as a headwind for the EUR/GBP cross. That said, the shared currency benefits from the emergence of some follow-through US Dollar (USD) selling, which helps limit the downside for the currency pair. 



Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

No comment on record. Start new comment.