EUR/GBP chart - Trading View
EUR/GBP slumps below 0.88 handle to trade 0.40% weaker at 0.8781 at around 12:20 GMT.
The British pound surged across the board as BoE status quo reiterated that the existing stance of monetary policy is appropriate.
Further, no mention about negative rates and a slightly optimistic outlook underpin sterling.
Technical indicators are biased lower. Recovery attempts in the pair were rejected at 200H MA.
GMMA indicator shows major downtrend on near and long-term charts. Price action is below major moving averages.
The pair has broken below Falling Wedge pattern and momentum is strongly bearish. Scope for further weakness.
'Death Cross' (bearish 50-DMA crossover on 200-DMA) reinforces downside. Next major bear target lies at 61.8% Fib at 0.8743.
