Technical Analysis

EUR/GBP takes a peek above 0.9000 as sterling stays softer

The pound is a little lower again to start the European morning


And that is pushing EUR/GBP to session highs of 0.9005 as buyers are looking to try and search for a break above the 0.9000 psychological level. The move lower in the pound also sees cable fall to a low of 1.2444 from around 1.2460 to start the session.

It’s pretty much the same tale for both currency pairs with EUR/GBP flirting with a break above a key level at 0.9000 and GBP/USD flirting with a daily break below the year’s lows around 1.2440. Both are coming about as the pound holds weaker in trading this week.

There will be notable UK data to come later on today with the monthly GDP data for May set to be released at 0830 GMT. However, as mentioned in the calendar preview, any positive surprises will likely be short-lived as the UK economic growth is still set for a contraction in Q2 barring a miracle.

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