EUR/GBP Technical Analysis: Sterling bulls drive EUR/GBP near 0.8720 post-BoE
|- Sterling gained about 60 pips against Euro on the back of hawkish comments from the Bank of England.
- EUR/GBP is now sitting near the 0.8720 support, June low, and in consolidating the losses made earlier.
- The trading range price action stays intact on the EUR/GBP currency cross as bulls are potentially eyeing 0.8760, the daily 50-period simple moving average. However, a strong bear breakout below the 0.8720 support can lead EUR/GBP towards the 0.8620 April 17 swing low.
EUR/GBP 15-minute chart
Spot rate: 0.8749
Relative change: -0.39%
High: 0.8801
Low: 0.8725
Trend: Neutral
Resistance 1 0.8760 daily 50-period SMA
Resistance 2: 0.8800 figure
Resistance 3: 0.8826-0.8840 area, 200-day SMA and last week’s high
Resistance 4: 0.8861 weekly 50-period SMA
Support 1: 0.8720, June low
Support 2: 0.8700 figure
Support 3: 0.8620 April 17 swing low
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.