EUR/GBP gains positive momentum
June 6, 2023 12:22 pmVideo
Latest News
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
- Video market update for April 18, 2024 April 18, 2024
- Technical Analysis – WTI oil futures exit sideways move to the downside April 18, 2024
- Market Comment – US dollar on the back foot as nervousness lingers in equity markets April 18, 2024
- Hot forecast for EUR/USD on April 18, 2024 April 18, 2024
- EUR/USD and GBP/USD: Technical analysis on April 18 April 18, 2024
- Trading plan for GBP/USD on April 18. Simple tips for beginners April 18, 2024
- Trading plan for EUR/USD on April 18. Simple tips for beginners April 18, 2024
- The Fed and global instability: a double blow to American markets April 18, 2024
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
- Outlook for EUR/USD on April 18. Euro has fallen into a new flat April 18, 2024
- GBP/USD. Correction or trend reversal? April 18, 2024
- The FOMC will not lower rates in 2024 April 18, 2024
- Powell made a bold point, and Bailey did not report anything important April 18, 2024
The EUR/GBP pair has gained positive momentum for two consecutive days. The cross maintained its strong direction during the mid-European session.
The relative growth of the pair began against the backdrop of recent hawkish statements by several representatives of the European Central Bank (ECB), who provided arguments in favor of additional interest rate hikes in the coming months. Last Friday, ECB Governing Council member Bostjan Vasle stated that further rate hikes are necessary as the underlying inflation remains at a high level and shows no signs of losing its stability, and it needs to be brought to the target level of 2%.
Governing Council member Gabriel Makhlouf also noted that the central bank is not yet ready to ease its monetary policy.
In addition to these facts, ECB President Christine Lagarde, speaking before the European Parliament, confirmed that price pressure is increasing in the eurozone. She added that underlying inflation has not yet reached its peak, and wage pressure has intensified.
These events continue to support the euro.
On the other hand, the British pound is trying to attract buyers as the market has already priced in the prospect of another interest rate hike by the Bank of England. This, in turn, supports arguments for further short-term appreciation of the EUR/GBP cross.
Therefore, some subsequent strength may be found around 0.86499, either through a breakthrough or a testing strength.
The mentioned area should serve as a support level for short-term traders.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: