The Euro’s recovery from the 0.8600 area extends above 0.8700. Pound weakens after PM Truss sacks his finance minister. EUR/GBP resistance is at 0.8750 and 0.8865. , euros rises on Friday after a sharp decline in the previous two days. The pair returned above 0.8700 after confirmation that Prime Minister Liz Truss had resigned as Chancellor of the Exchequer. GBP RETREATS AFTER TWO-DAY RALLY \The euro benefited from sterling’s weakness to rise around 0.8% on Friday, with the cable giving up earlier gains on speculation that the British government could reverse its controversial tax cut plan. The lack of relevant UK or EU macroeconomic data has left investors wary of long sterling rates and potential volatility. Friday is the deadline set by the Bank of England to end its bond-buying program. EUR/GBP SHOULD PUSH 0.8750 WIN BET On the upside, above 0.8700, the pair should extend above 0.8750, where the 100 and 200 hour SMAs meet, and target the October 12 peak at 0.8865 : in. On the downside, the support at 86.15 is currently holding the bears. Below that, the next possible targets could be 85.65 (September 6 low) and 83.90/00 (August 8, 17 and 2 ).

James Rogers

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