EUR/GBP Tests Wednesday’s High Above 0.79, BOE Eyed

EUR/GBP Tests Wednesday’s High Above 0.79, BOE Eyed

12 May 2016, 07:27
Roberto Jacobs
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EUR/GBP Tests Wednesday’s High Above 0.79, BOE Eyed

The cross in the EUR/GBP trades in a flat-lining above 0.79 handle, now catches fresh bids in an effort to take-out Wednesday’s high at 0.7920 as the pound runs through fresh offers in early Europe.

EUR/GBP trades above all major DMAs

Currently, the EUR/GBP pair trades 0.04% higher near fresh session highs of 0.7911, looking to break beyond key resistance located around 0.7930. The cross trades largely muted failing to find fresh impetus amid a calm European session ahead, as all eyes remain on the BOE events, which is expected to have major impact on the British pound across the board.

While the EUR/USD pair trades well above 1.14 handle, although in a narrow range, awaiting fresh momentum from the upcoming second-liner data in the form of German WPI and Eurozone industrial production data.

EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7948/50 (Mar 31 High/ psychological levels) above which it could extend gains to 0.8000 (round number). To the downside immediate support might be located at 0.7854/45 (20-DMA/ daily S2) below that at 0.7800 (round number).


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