FxWirePro: EUR/GBP Rangebound, Price Action capped Within Daily Cloud
26 April 2016, 09:18
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FxWirePro: EUR/GBP Rangebound, Price Action capped Within Daily Cloud
- EUR/GBP under pressure near 0.7770 region, trades a tight range into the European session.
- Pair is under renewed selling pressure, on the back of a broadly stronger pound amid growing support for the ‘remain’ camp with regard to EU referendum.
- Traders wary ahead of the crucial central bank events due later this week – FOMC and BOJ policy outcomes.
- Immediate resistance is located at 0.7786 (cloud top), while support is seen at 0.7750 (April 25th lows).
- Momentum with the bears, RSI weak at 36, while MACD and major moving averages are biased north.
- Break below 0.77 handle cloud accentuate downside, test of 0.75 levels then likely.
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