EUR/GBP jumps to fresh yearly tops

28 June, 2017

The EUR/GBP cross was seen building on previous session's strong up-move and has now jumped to fresh yearly tops near 0.8875-80 region.

Tuesday's upbeat comments by the ECB President Mario Draghi, fueling speculations that the central bank could soon unwind its aggressive stimulus, triggered a sharp short-covering rally across EUR crosses. 

  Draghi’s comments increased likelihood of ECB’s tapering – Lloyds Bank

However, the ongoing US Dollar slump supported a mildly positive sentiment surrounding the GBP/USD major and might collaborate towards keeping a lid on the pair's strong up-move, at least for the time being.

Today's key focus would remain on comments from Central Bankers, including the ECB President Mario Draghi and BOE Governor Mark Carney, due to speak at the European Central Bank Forum panel discussion later during the day.

In absence of any major market moving economic releases, a follow through short-covering move remains a distinct possibility amid highly bullish sentiment surrounding the shared currency. 

Technical levels to watch

Bulls would be eyeing to conquer the 0.8900 handle, above which a fresh bout of short-covering is likely to accelerate the up-move towards 0.8930 intermediate resistance en-route 0.8965-70 strong hurdle.

On the downside, 0.8855-50 region now becomes immediate support to defend, which if broken might trigger a corrective slide back towards the 0.8800 handle ahead of 0.8770-65 horizontal support.

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