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EURGBP showed a minor sell-off ahead of the BOE monetary policy decision. Intraday bias remains bullish as long as support 0.8600 holds. It hits an intraday high of 0.87306 and is currently trading around 0.870361.
Technical Analysis
The pair is currently trading above the 55 and 200-EMA and 365-EMA on the 4-hour chart.
Bearish Trend Confirmation: Any break below 0.8680 confirms an intraday bearish trend. A drop to 0.8630/0.8600/0.8560/0.8520/0.8480 is likely. Near-term support is around 0.8630.
Near-Term Resistance: The near-term resistance is around 0.8765. Any violation above will take the pair to 0.8800/0.8850.
Indicator Analysis (4-hour chart)
CCI (50): Bullish
Average Directional Movement Index: Neutral
Trading Recommendation
It is good to buy on dips around 0.8648-50 with SL around 0.8600 for a TP of 0.8800.
