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EURGBP SIGNAL 21-04-2022 : EURGBP rallies to nearly two-week high ahead of BoE’s Bailey and ECB’s Lagarde

EURGBP SIGNAL

EURGBP SIGNAL : EURGBP rallies to nearly two-week high ahead of BoE’s Bailey and ECB’s Lagarde

  • EUR/GBP gained strong positive traction on Thursday and rallied to a near two-week high.
  • The overnight hawkish comments by the ECB policymaker underpinned the shared currency.
  • Subdued action around the British pound did little to hinder the strong intraday positive move.

EURGBP SIGNAL : The EUR/GBP cross added to its strong intraday gains and jumped to a nearly two-week high, around the 0.8365 region during the first half of the European session.

Following the previous day’s good two-way price moves, the EUR/GBP cross caught aggressive bids on Thursday and built on its recent bounce from mid-0.8200s, or the multi-week low touched on April 14. The European Central Bank (ECB) policymaker Martins Kazaks said on Wednesday that “a rate hike is possible as soon as July.” This comes on the back of the recent surge in the German 10-year benchmark yields to a level last seen in July 2015, near the 1.00% psychological mark on Tuesday, and underpinned the euro.

EURGBP SIGNAL : This, along with some repositioning trade ahead of ECB President Christine Lagarde’s speech later this Thursday, contributed to the shared currency’s relative outperformance. On the other hand, the British pound, so far, has struggled to gain any meaningful traction and further acted as a tailwind for the EUR/GBP cross. That said, concerns about the potential economic fallout from the ongoing war in Ukraine might hold back traders from placing aggressive bullish bets and keep a lid on any further gains for spot prices.

Traders will further take cues from the Bank of England Governor Andrew Bailey’s appearance at the same event. Nevertheless, the mixed fundamental backdrop makes it prudent to wait for sustained move back above the 0.8400 round-figure mark before confirming that the EUR/GBP cross has bottomed out in the near term. This will set the stage for additional gains and allow bulls to aim back to challenge the very important 200-day SMA, currently around mid-0.8400s.

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FIRST CAPITALS brand is authorized and regulated in various jurisdictions.

First Capitals Limited (www.First Capitals.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.

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Card transactions are processed via FT Global Services Ltd, Reg No. HE 335426 and registered address at Ioannis Stylianou, 6, Floor 2, Flat 202 2003, Nicosia, Cyprus, and via Exinity Services Ltd , Reg No. HE 400404 and registered address at Agiou Georgiou Makri, 64, Anna Maria Lena Court, Flat 201, 6037, Larnaca, Cyprus. Address for cardholder correspondence: backoffice@First Capitals.com.. Business location address: FIRST CAPITALS Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus.

Exinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market.

Risk Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FIRST CAPITALS brand based on the legal requirements in his/her country of residence.  Please read FIRST CAPITALS’s full Risk Disclosure.

Regional restrictions: FIRST CAPITALS brand does not provide services to residents of the USA, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus and Hong Kong. Find out more in the Regulations section of our FAQs.

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