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EUR/GBP attempts recovery towards 0.80 ahead of BOE

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The cross in the EUR/GBP found fresh bids below the mid-point of 0.79 handle, and from there embarked upon the recovery mode amid broad GBP weakness.

    EUR/GBP regains 20-DMA at 0.7969

    Currently, the EUR/GBP pair trades 0.47% higher at fresh session highs of 0.7975, extending its recovery from 0.07936 lows. The EUR/GBP cross picked-up significant strength in the late-Asian trades after the pound fell deeper in the red amid broad based US dollar rally.

    Moreover, the GBP bulls remain on the side-lines and refrain from placing big bets ahead of the Bank of England (BOE) monetary policy meeting scheduled later this session.

    However, the recovery remains contained below 0.80 barrier as the shared currency also edges lower versus the greenback on expectations of subdued Euro zone CPI figures.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.8000 (round numbers), above which it could extend gains to 0.8025/24 (10-DMA/ 1h 200-SMA). To the downside immediate support might be located at 0.7953/50 daily pivot/ psychological levels) below that at 0.7925 (Apr 13 Low).
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