EUR/GBP Losses Possible After Resistance Holds

EUR/GBP has been
rising this week in a counter-trend move that could well be over
already. As the chart below shows, the cross advanced this week from
Mondays low at 0.8472 to a high Wednesday at 0.8663. However, Thursday
has seen minor losses so far, suggesting the advance has already run out
of steam.To get more news about [url=https://www.wikifx.com/za_en/]WikiFX[/url], you can visit wikifx.com official website.

　　Wednesdays
peak was just under the high at 0.8668 dating back to March 3 and,
significantly, the price has failed to break above the congested area
highlighted by the oval shape on the following chart. There is therefore
a possibility of a slide right back to the Monday low. If this proves
wrong, then any renewed climb will likely be halted by the February 26
high at 0.8731.
The latest moves in EUR/GBP have come despite a lack
of news to account for them. Both the EU and the UK medicines
regulators said Wednesday that the benefits of having the AstraZeneca
Covid-19 vaccine outweigh the risks, so there was little there to move
the cross.

　　The EU is still seen to be lagging behind the UK in
vaccinating its citizens, arguably meaning the economic recovery in the
bloc will be weaker than in the UK. Note though that German factory
orders rose in February by 1.2% month/month, up from the previous 0.8%.