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EUR/GBP around 0.7060 ahead of BoE

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - EUR/GBP is posting meager gains on Thursday, currently hovering over the 0.7060 area.

    EUR/GBP focus on BoE’s ‘Super Thursday’

    The European cross is reverting two consecutive sessions with sharp losses, although its prospects for the next periods remain on the bearish side so far. After hitting 3-month lows in the mid-0.70s, the cross has managed to reclaim some gains and is now looking to consolidate around current levels ahead of key UK data.

    In fact, the BoE’s ‘Super Thursday’ will take centre stage during the morning in Europe, as the central bank will hold its MPC meeting, followed by its minutes and the speech by Governor M.Carney.

    EUR/GBP relevant levels

    As of writing the cross is up 0.05% at 0.7061 with the next resistance at 0.7146 (downtrend from October high) followed by 0.7207 (100-day sma) and then 0.7281 (61.8% Fibo of 0.6934-0.7496). On the flip side, a drop below 0.7024 (low Aug.18) would expose 0.7000 (psychological level) and finally 0.6934 (2015 low Jul.17).
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