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EURGBP – Support at 8900?
The euro was shellacked last week post ECB presser while cable managed to hold its own causing EURGBP to drop 2 big figures off the highs. This week the price dynamics may reverse as UK eco data could sour the market on any recovery while the news out of the Eurozone could surprise to the upside.
With no progress on the political front the Brexit issues hangs over the pound like the sword of Damocles while the upcoming UK GDP figures could underscore the difficulty of the new economic regime as business sentiment turns very cautious. Meanwhile, in EZ we have already seen a strong rebound in PMI data that suggests growth in the core region is picking up pace. That should provide some support for the euro and ease any concerns about further accommodation from the ECB.
Technically the pair has strong support at .8880 on the hourly with deeper support at .8800 while the upside does not offer any serious resistance until .9200