FxWirePro: EUR/GBP capped at 10-DMA, investors eye BoE Carney's speech
The euro declined against the British pound as most UK economic indicators suggested momentum has picked up since the election. However, concerns over Britain’s trade talks with the European Union limited the upside in t…
The euro declined against the British pound as most UK economic indicators suggested momentum has picked up since the election.
However, concerns over Britain’s trade talks with the European Union limited the upside in the British currency.
Investors now await Bank of England Governor Mark Carney's speech at the British Parliament, explaining how monetary policy could improve the economy of the country.
EUR/GBP is trading 0.1 percent down at 0.8435, having hit a low 0.8431 earlier, its lowest since February 3.
Technical indicators are bearish: RSI weak at 44.38, MACD supports downside and Stochs are biased lower.
Immediate resistance is located at 0.8467 (7-EMA), a break above could take it near 0.8473 (20-EMA).
On the downside, support is seen at 0.8420, a break below could drag it till 0.8412.
Recommendation: Good to sell on rallies around 0.8444, with stop loss of 0.8451 and target price of 0.8420.
