Forex: EUR/GBP extending its decline, around 0.8380
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EUR/GBP
FXstreet.com (Barcelona) - After hitting session highs above the key resistance at 0.8400, the pair has now retired to the area around 0.8380, as some weakness is surrounding the single currency while the sterling continues to inch higher, ahead of the Eurogroup gathering.
"Sterling was a large beneficiary of safe-haven seeking flows last year. These are at risk of reversing now. In the week ahead, the January Monetary Policy Committee minutes are likely to be dovish according to UBS Economics. That will leave the door open to more easing& As a result the pound is set to stay under pressure with twelve-month highs for EURGBP of 0.85 coming into sight now.
The pair is now losing 0.20% at 0.8380 with the immediate support lying at 0.8283 (MA10d) ahead of 0.8266 (low Jan.15) and finally 0.8233 (high Dec.28).
On the upside, a break above 0.8407 (high Jan.21) would clear the way to 0.8424 (high Mar.13) and then 0.8468 (high Feb.29).
"Sterling was a large beneficiary of safe-haven seeking flows last year. These are at risk of reversing now. In the week ahead, the January Monetary Policy Committee minutes are likely to be dovish according to UBS Economics. That will leave the door open to more easing& As a result the pound is set to stay under pressure with twelve-month highs for EURGBP of 0.85 coming into sight now.
The pair is now losing 0.20% at 0.8380 with the immediate support lying at 0.8283 (MA10d) ahead of 0.8266 (low Jan.15) and finally 0.8233 (high Dec.28).
On the upside, a break above 0.8407 (high Jan.21) would clear the way to 0.8424 (high Mar.13) and then 0.8468 (high Feb.29).
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