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FxWirePro: EUR/GBP slumps over 0.50%, slips below 0.90 handle as pound buoyed post-BoE
EUR/GBP chart - Trading View
EUR/GBP has slumped over 0.50% to hit session lows at 0.8992, intraday bias bearish.
The British pound buoyed across the board after Bank of England (BoE) interest rate decision.
The BoE left interest rates an all-time low of 0.1% and bond-buying program unchanged at £745 billion.
In the accompanying policy statement, the central bank said that the economic downturn was less severe than initially thought and also upgraded its current year economic growth projection.
Upbeat forecasts by the central bank which offered some optimism provided a modest lift to the British pound.
EUR/GBP is testing strong support at 0.8995 (converged 55-EMA and 'Symmetric Triangle' base).
Technical studies are bearish. Breach at major support at 0.8995 to plummet prices further. Next major support aligns at 21W-EMA at 0.8924.
Major Support Levels - 0.8924 (21W EMA), 0.8916 (110-EMA), 0.8739 (200-DMA)
Major Resistance Levels - 0.9038 (21-EMA), 0.9085 (50% Fib), 0.9125 (Triangle Top)