Forex: EUR/GBP hovering over 0.8150
Forex pairs in this Article »
EUR/GBP
FXstreet.com (Barcelona) - The pair keeps alive the correction higher, sparked after this afternoon's pullback to the 0.8140 region, trading back around 0.8150 as of writing.
EURGBP would remain under pressure ahead of the ECB and BoE meetings on Thursday, and in the view of Currency Analyst David Song at DailyFX, while the ECB may sound more dovish in its statement, the BoE would look to the opposite direction, backed by the recent recovery in the UK fundamentals.
"As the EUR/UGBP struggles to hold above the 78.6% Fibo retracement from 2008 low to high around 0.8140-50, the pair looks poised to threaten the upward trending channel from back in July, and we may see a key reversal in the euro-pound as market participants weight the outlook for monetary policy", concludes the expert.
The pair is now advancing 0.11% at 0.8148 with the next resistance at 0.8200 (hourly high Dec.28) followed by 0.8210 (Upper Bollinger) and then 0.8243 (high Apr.18).
On the flip side, a breach of 0.8086 (MA55d) would bring 0.8072 (Lower Bollinger) and finally 0.8063 (low Dec.12).
EURGBP would remain under pressure ahead of the ECB and BoE meetings on Thursday, and in the view of Currency Analyst David Song at DailyFX, while the ECB may sound more dovish in its statement, the BoE would look to the opposite direction, backed by the recent recovery in the UK fundamentals.
"As the EUR/UGBP struggles to hold above the 78.6% Fibo retracement from 2008 low to high around 0.8140-50, the pair looks poised to threaten the upward trending channel from back in July, and we may see a key reversal in the euro-pound as market participants weight the outlook for monetary policy", concludes the expert.
The pair is now advancing 0.11% at 0.8148 with the next resistance at 0.8200 (hourly high Dec.28) followed by 0.8210 (Upper Bollinger) and then 0.8243 (high Apr.18).
On the flip side, a breach of 0.8086 (MA55d) would bring 0.8072 (Lower Bollinger) and finally 0.8063 (low Dec.12).
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