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18 Sep 2017

EUR/GBP rebounds from near two-month lows, retakes 0.88 mark and beyond

The British Pound stalled its post-BoE upsurge and helped the EUR/GBP cross to stage a modest recovery from near two-month lows. 

With investors looking past last week's hawkish BoE twist, a modest profit taking slide around the sterling seems to have prompted some short-covering and helped the cross to snap six consecutive days of losing streak. 

On the economic data front, the final Euro-zone CPI print, coming in at 1.5% for August as originally estimated, did little to provide any fresh impetus albeit remained supportive of the pair's modest recovery from the lowest level since mid-July touched on Friday.

Meanwhile, the market also seems to have largely ignored the latest comments from ECB Governing Council member, Ardo Hansson, with some early signs of GBP bullish exhaustion acting as an exclusive driver of the pair's modest uptick at the start of a new trading week. 

Later during the day, a scheduled speech by the BOE Governor Mark Carney would now be looked upon for some fresh impetus ahead of the UK PM Theresa May's Brexit speech on Friday. 

   •  GBP: A tale of two speeches; Carney & May to inject some bearish realism - ING

Technical levels to watch

A follow through recovery beyond 0.8830-35 zone could get extended towards the 0.8870-75 region before the cross attempts a move towards reclaiming the 0.8900 handle. 

On the flip side, renewed weakness below 0.8785-80 area could accelerate the slide towards mid-0.8700s en-route 0.8720 support and the 0.8700 round figure mark. 

Sep 18, 2017

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