Today we take a closer look at the recent moves in the EUR/GBP.
This market has been in a downtrend since early 2021. While the EUR/GBP was trading at 0.9048 in early January, it is currently trading at 0.8613. This price drop of 3.63% occurred very quickly and without any major counter-reactions. However, the market is currently at a support level at 0.8595. This support was already clearly respected on 24 February 2021 and is currently bringing buyers into the market once again. Should the EUR/GBP manage to generate prices above the upper trend line, new highs are conceivable.
Next week, the ECB’s interest rate decision may provide the decisive impetus.