Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/GBP rejected at session highs, pound gains traction ahead of BoE

EUR/GBP chart - Trading View 

  • EUR/GBP was trading largely unchanged at 0.8536 at around 08:50 GMT, the British pound gains traction ahead of BoE monetary policy meeting.
     
  • Cautious sentiment prevails across the markets amid virus-led pessimism and the Brexit deadlock.
     
  • Rising concerns regarding the Delta Plus virus variant and uncertainties over the July 19 deadline for the UK’s complete unlock probes optimists.
     
  • Bank of England (BOE) is expected to keep policy unchanged. Bulls eyeing hawkish BOE statement for impetus.
     
  • BOE policymaker’s voting count and statements conveying the economic optimism will boost the pound further. On the other side, upbeat German IFO data will keep check on the downside. 
     
  • Technical bias for the pair is bearish. GMMA indicator shows major and minor trend are strongly bearish. 

Summary: The pair is down 0.52% for the week till date. Price action is on track to test trendline support at 0.85. Violation there will open downside. 
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.