EURGBP Analysis
EURGBP is rebounding from the higher low area of the Ascending channel and the horizontal support zone.
EURGBP Update
EURGBP is consolidating at the support area, which leads to the SL price. However, EURGBP still have chances to rebound from the support area.
Reason: Due to the release of more economic news mentioned below, the market is not making technical movements at this time.
Why GBP is Stronger
Improved US-Iran deal hopes weakened the US Dollar – Investors moved away from the safe-haven US Dollar as market confidence improved, helping the British Pound rise toward 1.3500.
Better global market sentiment supported GBP demand – Falling geopolitical tensions and lower oil prices boosted risk appetite, encouraging traders to buy stronger currencies like the British Pound.
Why EURO is Weaker
US-Iran Conflict Uncertainty Supports USD – Rising geopolitical tensions increased demand for the safe-haven US Dollar, weakening the Euro.
Energy Price Concerns Weigh on Euro – Fears of higher energy costs and inflation in the Eurozone pressured the Euro.
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