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TODAY EURGBP SIGNAL : EURGBP holds steady above 0.8500 mark, traders eye German CPI for fresh impetus

TODAY EURGBP SIGNAL

TODAY EURGBP SIGNAL : EURGBP holds steady above 0.8500 mark, traders eye German CPI for fresh impetus

  • EUR/GBP gained some positive traction on Monday, through lacked follow-through buying.
  • The recent hawkish remarks by the ECB policymakers continued lending support to the euro.
  • Rising bets for a jumbo BoE rate hike, a weaker USD benefitted sterling and capped the upside.

TODAY EURGBP SIGNAL : The EUR/GBP cross attracted some dip-buying near the 0.8485 region on the first day of a new week and reversed its modest losses recorded on Friday. The cross maintained its bid tone through the early European session and was last seen trading near the daily high, around the 0.8515 region.

The shared currency continued drawing support from the recent hawkish comments by the European Central Bank policymakers, hinting at a probable rate hike in July. On the other hand, the UK-EU impasse over the Northern Ireland protocol acted as a headwind for the British pound and offered additional support to the EUR/GBP cross.

TODAY EURGBP SIGNAL : That said, rising bets for a jumbo interest rate hike by the Bank of England, along with the prevalent US dollar selling bias, underpinned sterling and kept a lid on any further gains for the EUR/GBP cross. Investors also seemed reluctant to place aggressive directional bets ahead of the key European Union summit starting this Monday.

Apart from this, traders will take cues from the flash German consumer inflation figures, which might influence the euro and provide some meaningful impetus to the EUR/GBP cross. This makes it prudent to wait for strong follow-through buying before positioning for any further intraday appreciating move for the EUR/GBP cross.

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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.

First Capitals (www.First Capitals.com/uk) is authorised and regulated by the Financial Conduct Authority with license number 777911.

Exinity Limited (www.First Capitals.com/uk) is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License bearing license number C113012295.

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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