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EUR/GBP clocks fresh highs on unanimous vote at BOE to keep rates unchanged

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The GBP was offered across the board, pushing the EUR/GBP to a fresh session high of 0.7678 after the BOE voted 9-0 as expected to keep the interest rates unchanged.

    Focus on Carney’s presser

    The shift in the vote count from 8-1 to 9-0 was largely expected by the markets. Consequently, the GBP has been able to avoid sharp losses, thereby keeping the cross around the daily highs

    The focus now is on Carney’s comments at the Quarterly Inflation Report (QIR) press conference. Markets would be interested to see if Carney and Co., discussed rate cut.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.7678 (daily high), above which the pair could rise to 0.7713 (Jan 19 high), which if breached shall open doors for a rally to 0.7755 (Jan 20 high). On the other hand, a break below 0.7650 (intraday chart support) could send the 0.7600 (hourly 200-MA), under which a next major support is seen at 0.7573 (23.6% of 0.6981-0.7755).
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