Forex: EUR/GBP going nowhere ahead of BoE + ECB

FXstreet.com (Barcelona) - In this current 5-year low average daily volatility we are in, Cable even at a 10 year low, EURGBP could not be a exception, and it's practically flat for the week being, averaging 30 pips per day on average true range, for last 14 trading days, its ATR indicator reads. If we looked at the weekly candle, it reads a bottom at 0.81 round, and a top at 0.8147, with no body, last at 0.8114, as it started early Monday in Asia-Pacific.

Today we have both ECB and BoE meetings, at 12:45 GMT and 12:00 GMT respectively, followed by the press conference at 13:30 GMT in ECB's case, and no changes expected to be announced. This could cause either no move at all for the EURGBP cross, or some noise by the time of each announcement, just to go back to were started, as it has been the case for current week. Apart from this, Halifax HPI would come at 08:00 GMT, followed by UK trade balance at 09:30 GMT, and Germany factory orders at 11:00 GMT.

Immediate support to the downside for EURGBP lies at current levels as Nov 27 highs 0.8114, followed by recent session lows/Nov 23 highs at 0.8108, and Tuesday weekly lows/Oct 09-25 highs at 0.8099. To the upside, nearest term resistance shows at Oct 23 lows 0.8124, followed by Monday's/past Friday's highs at 0.8131, and yesterday's weekly high at 0.8147.