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EUR/GBP trims gains after BOE rate decision

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/GBP trimmed gains after BOE voted 9-0 to keep rates unchanged as opposed to rumors of a member voting in favor of rate cut.

    Trades below hourly 50-MA

    The cross sits below hourly 50-MA of 0.7964 levels. Sterling was under pressure ahead of the event, given the rumors that two policymakers have voted in favor of rate cut. However, the vote count stayed unchanged at 9-0, thus helping Pound regain a minor part of its lost ground.

    However, BOE did express concerns regarding the negative impact of Brexit and that is limiting recovery in GBP. At the time of writing, the pair was trading around 0.7960 levels.

    EUR/GBP Technical Levels

    The immediate hurdle is noted at 0.7964 (hourly 50-MA) above which prices could test 0.8003 (hourly 100-MA). On the other hand, a break below 0.7925 (hourly chart support) could send prices down to 0.79 handle.
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