GBP Better Bid, EUR Slips, Indices Continue to Rally - US Market Open
- GBP/USD pushing back to 1.3000.
- EUR/USD bearish behavior still evident.
- Equity markets continue to rally.
British Pound Retracing Recent Losses
GBP/USD touched an intraday high of 1.2990 in early turnover and continues to claw back recent losses against a strong US dollar. The British Pound is advancing across a range of currencies, taking heart from yesterday’s better-than-expected UK Q4 GDP release. There are roadblocks ahead, but this week’s positive performance may suggest further gains on the horizon.
Daily GBP/USD Price Chart (July 2019 – February 12, 2020)
The Euro continues to fall against all majors after recent weak economic data highlighted the struggles that the ECB currently face in their effort to reboot the Euro-Zone economy. EUR/USD trades just above the 1.0910 mark while EUR/GBP is testing big figure support at 0.8400.
Equity Markets Continue to Move Ever Higher
Cryptocurrencies on a Roll
The substantial gains seen in the cryptocurrency market made this year may have gone unnoticed by some, but upside momentum seems to be building. Some of the major coins/tokens are now up 100% in 2020 and are looking to move higher as their charts turn from neutral to positive.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.