On Wednesday, the Euro was unable to break through the 0.8860 resistance level.
At the time of writing, the pair had dropped to 0.8800, reversing Tuesday’s gains, and was on track to snap a five-day winning streak.
Longer term, the Pound is on the defensive, with the EUR/GBP over 3% higher in the last two weeks.
Following its December monetary policy meeting, the Bank of England slowed its tightening cycle, which harmed GBP demand.
The Bank of England raised interest rates by 0.5%, following a 0.75% increase in November, with two of the nine committee members preferring to keep rates unchanged.
|
Daily SMA20 |
0.8679 |
|
Daily SMA50 |
0.8684 |
|
Daily SMA100 |
0.8669 |
|
Daily SMA200 |
0.8569 |
