The EUR/GBP is testing back into near-term highs above the 0.8700 handle, with the Euro (EUR) tipping into an intraday peak against the Pound Sterling
The EUR/GBP is seeing a topside pushinto recent highs as the Pound Sterling swoons against the Euro. Mixed data for both the EU and the UK leave markets forced to pick a winner. Up Next: ECB rate call, Monetary Policy Statement in the pipe for Thursday. The EUR/GBP is testing back into near-term highs above the 0.8700 handle, with the Euro tipping into an intraday peak against the Pound Sterling above 0.8725 rounding the corner into the Thursday market session.
The ECB is caught between a rock and a hard place, as inflationary pressures remain elevated despite drastic and rapid rate changes from the central bank, but further rate hikes risk sending a cold shot through the European economy, which is already facing cracks around the seams and faltering growth indicators. EUR/GBP Technical Outlook the EUR/GBP's rebound on Wednesday sees the pair pushing further north from the 200-day Simple Moving Average currently testing down below 0.
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