EUR/GBP in fresh 2017 highs above 0.9060

EUR/GBP keeps edging higher on Tuesday, now recording fresh YTD tops in the 0.9060/65 band.

EUR/GBP in YTD tops

The European cross is moving higher on Tuesday, breaking above yesterday’s top and printing fresh 2017 peaks at the same time, always backed by the bid tone around the single currency, while price action around the Sterling remains pretty steady.

In the meantime, the cross is advancing for the second consecutive week so far today and there is not much in terms of relevant hurdles until the 0.9400 handle seen in early October (GBP ‘flash crash’ day).

The strong bullish momentum surrounding EUR has sustained the relentless upside in the cross, which is gaining nearly 9% since 2017 lows in the 0.8310 area recorded in mid-April. On the GBP-side, the recent dovish message from the BoE is still weighing on sentiment, capping occasional bullish attempts for the time being.

EUR/GBP key levels

The cross is now up 0.14% at 0.9063 facing the next hurdle at 0.9143 (high Oct.11 2016) seconded by 0.9430 (GBP ‘flash crash’-high Oct.7 2016) and then 0.9805 (monthly high December 2008). On the other hand, a breach of 0.8987 (10-day sma) would expose 0.8931 (21-day sma) and finally 0.8921 (low Aug.3).