The EURGBP currency pair has formed a strong momentum almost reaching the psychological 0.9000 level. The ascending trend line (red) and the retracement trend line (blue) are still keeping the trend intact. The ECB president Mario Draghi is going to deliver opening remarks at the European Systemic Risk Board annual conference, in Frankfurt.
As head of the ECB, which controls short term interest rates, he has more influence over the Euro's value than any other person. Any mention of future economic policy guidance usually has a very strong impact on EUR crosses. On the contrary, the UK doesn't have any news scheduled for today, but traders always need to be aware of potential developments regarding Brexit. Don't forget to follow our Forex calendar for all regular updates on the news, economic announcements, forecasts and much more.
Technically, the EUR/GBP currency pair has formed an ascending trend line right at the 78.6 Admiral pivot points and the ascending trend line. Rejections from 0.8900 are possible as long as trend lines hold. Targets are 0.8950 and eventually 0.8995. Only a breakout above 0.8995 could spike the pair further towards the R1 Admiral Pivot. The price should get volatile in this pair, so be careful and follow the price action as usual.
Pivot Lines - Weekly Support and Resistance
POC - POC - Point Of Confluence (The zone where we expect the price to react - aka the entry zone)This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.