A stronger euro pushed the EUR/GBP to new highs multi year. The pair continued climbing above 0.9200 and reached the level 0.9235, for the first time since October of 2009. Remains near the highs, holding a bullish tone.
The rally of EUR/GBP continues to
The pair is rising for the sixth time out of the past seven days and has accumulated a gain of 250 pips so far in August. The negotiations of Brexit and the Bank of England no new developments continue to weigh on the pound. While the euro is showing resilience in the midst of the expectation of an announcement of QE tapering by the European Central Bank.
Today, the economic data from the Eurozone to provide an extra boost to the euro. «The header IHS PMI Markit eurozone recorded a 55.8 in August, below the reading of 55.7 in July, according to the flash estimate a “flash”.» It is the highest in two months.
Andrew Harker, deputy director of IHS Markit, said: «This is another positive set of numbers for the euro area, which continues to enjoy its best period of growth for several years.»
Levels of EUR/GBP
To the upside, the levels of resistance could be put at 0.9235 (daily maximum), 0.9275 and 0.9300 (maximum of September 2009). On the other hand, support levels are seen at 0.9195 (a minimum of the european session), 0.9175 (maximum of 22 August) and 0.9155/60 (minimum of 23 August).