Craig Erlam, Senior Market Analyst at OANDA speaks to Matt Brown about the move to the upside in the EURGBP and how it may not break the current range. Erlam notes the key level of 0.90 and a move up to this level may rotate to the downside. With EURGBP testing the 50% Fibonacci level, breaks above could be a bullish signal in itself. Sceptical of the bullish moves, Erlam highlights monetary policy as being “baked in” and despite good German GDP, bullish sentiment doesn’t have a much clout to push the pair higher.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.