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EUR/GBP: the battle is on

EUR/GBP: the battle is on

Information is not investment advice

Key indicators

Performance in 2020: -1.7%

Last day range: 0.8296 – 0.8388

52-week range: 0.8276 – 0.9324

What’s happening?

EUR/GBP is falling. Why? Mainly, for the same reason, the EUR/USD is falling. During our analysis, we saw that there are multiple reasons for the USD to get stronger and none for the EUR. Almost the same applies to the EUR/GBP. Although we cannot state that the British economy has been doing as great as the American, the GBP has more ground to gain value. At least, for now.

EURGBPH4.png                                                                  

That’s it?

No, there is always something you can point to. Especially, in a case of such a fall like that with the EUR/GBP. Recently, Boris Johnson’s conditions on the Chancellor of the Exchequer Sajid Javid made the latter resign. Some see that as a result of the mismatch between the government spending and investment restrictions, others see a more personal element in that opposition while the British Prime Minister seeks to have maximum control possible, now over Treasury. In any case, the GBP received this news as something promising, probably betting on Johnson’s strong views on bolstering the British economy and optimism about Brexit.

Technical levels

Resistance 0.8400

Support 0.8280

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Dollar hits new 31-month low

U.S. stocks are seen opening mixed Thursday, pausing around record highs as investors await more fresh news on Covid-19 vaccines and potential fiscal stimulus.

EUR/GBP: Bullish trend remains strong

A tentative mood was seen in Asia-Pacific bourses following the flat performance on Wall Street, whilst Chinese Caixin Services PMI printed its second-highest reading in a decade.

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