EUR/GBP Surges Ahead of BOE Decision: Bullish Momentum Builds

EURGBP surged sharply ahead of the BOE monetary policy. Intraday bias remains bullish as long as support 0.8670 holds. It hits an intraday high of 0.87248 and is currently trading around 0.87241.

 

Technical Analysis

The pair is currently trading above the 55 and 200-EMA and 365-EMA on the 4-hour chart.

Bearish Trend Confirmation: Any break below 0.8675 confirms an intraday bearish trend. A drop to 0.8630/0.8600/0.8560/0.8520/0.8480 is likely. Near-term support is around 0.8630.

Near-Term Resistance:  The near -term resistance is around 0.8765. Any violation above will take the pair to 0.8800/0.8850.

Indicator Analysis (4-hour chart)

CCI (50): Bullish

Average Directional Movement Index:  Bullish

Trading Recommendation

It is good to buy on dips around 0.8700 with SL around 0.8665  for a TP of 0.8800.