FxWirePro: EUR/GBP retreats from 5-month peak, dip till 0.8831 likely
The euro eased from a 5-month peak against the British pound as sterling attempted a minor recovery across the board. Investors welcomed stimulus measures from the Bank of England and the British government, including an…
The euro eased from a 5-month peak against the British pound as sterling attempted a minor recovery across the board.
Investors welcomed stimulus measures from the Bank of England and the British government, including an interest rate cut and billions of pounds of support for struggling firms
On Thursday, the euro surged after the European Central Bank approved fresh stimulus measures to help the eurozone economy cope with the growing cost of the coronavirus epidemic.
EUR/GBP is trading 0.5 percent down at 0.8859, having hit a high 0.8939 earlier, its highest since October 10.
Momentum indicators are bearish on hourly charts: RSI down at 46, MACD supports downside and Stochs are biased lower.
Immediate resistance is located at 0.8962, a break above could take it near 0.8999.
On the downside, support is seen at 0.8831, a break below could drag it till 0.8803.
Recommendation: Good to sell on rallies around 0.8892 with stop loss of 0.8925, and target price of 0.8831.
