fxstreet.com 29 Jan, 2021 16:30 am

EUR/GBP nudges higher to 0.8850 region, eyes multi-month lows under 0.8820

EUR/GBP nudges higher to 0.8850 region, eyes multi-month lows under 0.8820
EUR/GBP has moved higher on Friday and currently trades around the 0.8850 mark, having failed to challenge recent multi-month lows set earlier on in t

EUR/GBP has moved a little higher on Friday but is still not far from recent multi-month lows.8850 mark, having failed to challenge recent multi-month lows set earlier on in the week of below the 0.In the grand scheme of things, the pair is a little higher on the day, it is still within striking distance of multi-month lows and from a technical perspective, a turnaround in the pair is unlikely to materialise any time soon; a downtrend linking the 22, 26, 28 and 29 January highs continues to act as a cap to the price action, while an even longer-term downtrend linking the 31 December, 14, 20 and 21 January lows continues to act as a floor for the price action.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.

It also does not guarantee that this information is of a timely nature.Meanwhile, further ECB commentary had a less dovish tilt; rate cut discussions have been marginal in policy talks, an ECB source said, in an apparent effort to push back on sources saying earlier in the week that markets were underestimating the prospect for a rate cut.

Read full story at fxstreet.com