EUR GBP upside hesitated
9/29/2016 9:03:55 AM
After getting daily highs near 0.8630 during overnight trade, EUR/GBP has now went back over to the 0.8615 band.
Both the GBP and the EUR are trading in tight ranges today amongst a constant recovery of the dollar.
Moreover, risk appetite in the global markets seems to have deflated slightly following yesterday’s improve after oil producers have run into a preliminary deal to cut oil production.
Meanwhile, the European cross is routing the lower bound of the recent range after Wednesday’s pullback to test the 0.8600 area.
The cross is now losing 0.09% at 0.8610 and a failure of 0.8555 would aim for 0.8525 and ultimately 0.8464. On the other hand, the next up barrier is placed at 0.8720.