Forex: EUR/GBP extends higher

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FXstreet.com (Barcelona) - From an early Asian low at 0.8023, the EUR/GBP kept climbing back the lost ground and was able to fully retrace yesterday's losses and even extend higher above yesterday's high of 0.8062. The cross is trading now around 0.8068, up by 0.41% on the day ( GMT ), and tries to push further.

Investors are looking for juicy headlines coming from the G7 finance ministers meeting and the Merkel-Barroso meeting. The market is also increasing its hopes of a sooner than expected Spanish bailout request, opening doors to the OMT programme, after the sovereign credit rating downgrade by S&P to BBB-, its lowest rating before 'junk status'.

"EUR/GBP eased lower yesterday and continues to faces tough overhead resistance between 0.8102/16, these represent the recent high, the 200 day ma and the 4 month downtrend", wrote Commerzbank analyst Karen Jones, expecting failure there.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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