EURGBP Analysis
EURGBP is moving in a downtrend line in the daily timeframe chart.
In the 4-hour timeframe, EURGBP has broken the bottom of the minor descending channel, retested that broken channel line and falling from the retest area.
After the confirmation of downtrend movement, EURGBP sell signal given.
EURGBP reached the take Profit target successfully.
Euro: ECB Member Visco speech
ECB Governing council member Ignazio Visco said that ECB will not end the tapering of asset purchases before 2023.
And ECB shows more financing conditions for support Eurozone.
The inflation target for 2022 is 3%, and it will be slowed to 2% in 2023-2024.
Italy GDP growth only forecasted for Two percentage points in two years due to efficient implementations of recovery plan.
Public Budgets are sustaining in Europe and each member of the Eurozone.
There is no reason to change the vision of inflation target 2% now.
Finally, the Omicron variant is an unknown spread, and its impact will be high compared to other countries.
UK POUND: UK faced 182K new Covid-19 cases
The US Auctioned $56 Billion worth of Seven-year notes, but weak demand created in the market due to the Holiday season.
The US 10-year bond rate jumped to 1.56% for the first time since November 29.
And FED’s Hawkish outlook makes the Two-year yield highest since March 2020.
The UK faced 182k cases on Thursday, and UK PM Johnson was planning for tight restrictions during New year Festivities.
UK Pound supported by US Dollar weakness as inflation rate shooting higher.
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