10 Apr 2014
EUR/GBP is trying to overcome 0.8250 resistance
FXStreet (Moscow) - Currently, EUR/GBP is trading at 0.8255, up 0.09% on the day, having posted a daily high at 0.8265 and low at 0.8240.
All eyes on Bank of England
EUR/GBP tried to recover some losses on Wednesday, but the attempts were not too successful as the cross managed to close only 10 pips higher. Early in Europe the cross of recovering from Asian lows of 0.8239, but 0.8250 support seems to be pretty strong as it stopped bullish attempts on Wednesday. Today the key risk event for the cross is Bank of England monetary policy decision. Though it is expected to be a non-event, keep your eyes peeled for new twists in regulator’s rhetoric. Hawkish hints might support GBP across the board and thus push EUR/GBP lower to the initial support of 0.8230 followed by 0.8200.
What price levels and patterns have to be considered?
With spot trading at 0.8258, we can see next resistance ahead at 0.8258 (Yesterday's High), 0.8261 (Daily Classic R1), 0.8265 (Daily High), 0.8267 (Hourly 200 SMA) and 0.8273 (Daily Classic R2).
Support below can be found at 0.8256 (Hourly 100 SMA), 0.8251 (Daily Open), 0.8246 (Hourly 20 EMA), 0.8246 (Daily Classic PP) and 0.8240 (Weekly Classic S1).
Looking to candlestick patterns, we can see a Piercing Line formation on the 1-hour chart and a Hammer formation on the 4-hour chart..
All eyes on Bank of England
EUR/GBP tried to recover some losses on Wednesday, but the attempts were not too successful as the cross managed to close only 10 pips higher. Early in Europe the cross of recovering from Asian lows of 0.8239, but 0.8250 support seems to be pretty strong as it stopped bullish attempts on Wednesday. Today the key risk event for the cross is Bank of England monetary policy decision. Though it is expected to be a non-event, keep your eyes peeled for new twists in regulator’s rhetoric. Hawkish hints might support GBP across the board and thus push EUR/GBP lower to the initial support of 0.8230 followed by 0.8200.
What price levels and patterns have to be considered?
With spot trading at 0.8258, we can see next resistance ahead at 0.8258 (Yesterday's High), 0.8261 (Daily Classic R1), 0.8265 (Daily High), 0.8267 (Hourly 200 SMA) and 0.8273 (Daily Classic R2).
Support below can be found at 0.8256 (Hourly 100 SMA), 0.8251 (Daily Open), 0.8246 (Hourly 20 EMA), 0.8246 (Daily Classic PP) and 0.8240 (Weekly Classic S1).
Looking to candlestick patterns, we can see a Piercing Line formation on the 1-hour chart and a Hammer formation on the 4-hour chart..