EUR/GBP rises further above 0.7600

By FXStreet FXStreet (Córdoba) – The euro extended gains versus the pound and erased yesterday’s losses. EUR/GBP kept climbing above 0.7600 and printed a fresh daily high at 0.7641.

EUR/GBP still consolidating

Today the pair was rising but the price remained below Tuesday’s highs. So far it moved within yesterday’s range, in a consolidation mode, following a significant bearish correction, that brought the price from 1-year highs at 0.7755 to 0.7525.

It was trading at 0.7630, up 55 pips for the day. Volatility in the pair remains elevated but is easing from last week spikes.

In a few minutes, the FOMC statement will be release and it could likely move markets. But most important for the pair could be the preliminary reading of GDP growth during the fourth quarter in the United Kingdom that will be published tomorrow and Euro zone inflation data on Friday.

GBP weak again

A weak pound boosted today so far the EUR/GBP pair. While EUR/USD was gaining ground and pushing toward 1.0900, GBP/USD was lower, after losing a hundred pips from the highs and slide back under 1.4300.

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Source:: FX Street