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EUR/GBP keeps highs near 0.7360, BoE eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - EUR/GBP has recovered the smile on Thursday, trading on a firmer note following yesterday’s deep sell-off.

    EUR/GBP focus on BoE, ECB

    The European cross keeps navigating the lower bound of the weekly range nonetheless, as the recent weakness around the single currency remains the main drag.

    Ahead in the session, The BoE will hold its monetary policy meeting followed by the release of the ECB’s Accounts. Market consensus expects the BoE to keep its monetary stance unchanged, with another 8-1 vote in favor of keeping the benchmark rate intact at 0.5%.

    EUR/GBP relevant levels

    As of writing the cross is up 0.24% at 0.7354 and a breakout of 0.7442 (high Oct.2) would expose 0.7483 (high May 7) and finally 0.7500 (psychological handle). On the other hand, the immediate support aligns at 0.7266 (up trend from mid-Aug/55-d sma) followed by 0.7216 (200-d sma) and then 0.7196 (low Sep.22/100-d sma).
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