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6 Mar 2018

EUR/GBP: The Euro trades below 0.9000 ahead of BoE Haldane speech

  • Bank of England Andrew Haldane speech scheduled at 18.15 GMT.
  • The ECB Governing Council meets on Thursday.  

The EUR/GBP and is now trading at around 0.8920, slightly up 0.14% after rebounding yesterday at its 200-period simple moving average as seen on the daily chart. The Euro seems to hold steady against the British Pound despite the political gridlock in Italy following the parliamentary elections. 

EUR/GBP daily chart

Coming up next for the Sterling is a speech by Andrew Haldane, the the Bank of England's chief economist at 18.15 GMT in London that could potentially affect the Pound. A key date for the Sterling is March 22, with the European summit expected to bring some conclusion to the trade deal between the European Union and the United Kingdom. 

The main macro event for the week in the Eurozone is the ECB meeting on Thursday where President Mario Draghi and his colleagues will discuss key monetary policy issues however market participants are not expecting major changes in the ECB guidance according to analysts.  

Technically, support is seen at the 0.8880-0.8890 are with the 23.6% Fibonacci retracement as seen on the 4-hour chart. Next key resistance is seen at the 0.8850-8860 are with the 38.2 Fibonacci retracement and 100-period moving average. To the upside, resistance is seen at the 0.8940-8952 area which is the cyclical high. Further up 0.9000 is the line in the sand for bulls and bears alike.  

EURGBP 4-hour chart

 

Mar 6, 2018

GBP/USD: headed to 1.3990/00? - Scotiabank

Analysts at Scotiabank noted that sterling gains struggled to really extend through short term resistance in the mid 1.38s yesterday but the early mov
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Mar 6, 2018

United States IBD/TIPP Economic Optimism (MoM) below expectations (58.2) in March: Actual (55.6)

United States IBD/TIPP Economic Optimism (MoM) below expectations (58.2) in March: Actual (55.6)
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