EUR/GBP: Signs of life ahead of BOE events

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 (Mumbai) - The EUR/GBP pair showing signs of life today after taking a beating for the last two sessions and more so for last two weeks.

    Back above key Fib

    The cross is back above 0.7063 (76.4% of July low-Oct high) after having clocked a session low of 0.7042 earlier today. The EUR is on the recovery mode, courtesy of the moderate weakness in the major European equity markets.

    Meanwhile, Sterling bulls wait on the sidelines ahead of the BOE’s rate decision, minutes and quarterly inflation report. The pair now trades around 0.7075.

    EUR/GBP Technical Levels

    The immediate resistance is located at 0.71, above which gains could be extended to 0.7145 (61.8% of July low-Oct high). On the other side, support is seen at 0.7063 (76.4% of July low-Oct high) and 0.7042 (daily low).
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