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EUR/GBP Losses Possible After Resistance Holds

  • April 12, 2021
    EUR/GBP Losses Possible After Resistance Holds

    EUR/GBP has been
    rising this week in a counter-trend move that could well be over
    already. As the chart below shows, the cross advanced this week from
    Mondays low at 0.8472 to a high Wednesday at 0.8663. However, Thursday
    has seen minor losses so far, suggesting the advance has already run out
    of steam.To get more news about WikiFX, you can visit official website.

    peak was just under the high at 0.8668 dating back to March 3 and,
    significantly, the price has failed to break above the congested area
    highlighted by the oval shape on the following chart. There is therefore
    a possibility of a slide right back to the Monday low. If this proves
    wrong, then any renewed climb will likely be halted by the February 26
    high at 0.8731.
    The latest moves in EUR/GBP have come despite a lack
    of news to account for them. Both the EU and the UK medicines
    regulators said Wednesday that the benefits of having the AstraZeneca
    Covid-19 vaccine outweigh the risks, so there was little there to move
    the cross.

      The EU is still seen to be lagging behind the UK in
    vaccinating its citizens, arguably meaning the economic recovery in the
    bloc will be weaker than in the UK. Note though that German factory
    orders rose in February by 1.2% month/month, up from the previous 0.8%.