EUR/GBP chart - Trading View
Technical Analysis: Bias turning Bullish
- EUR/GBP was trading 0.16% higher on the day at 0.8502 at around 10:00 GMT
- The pair is extending previous session's gains, extends break above 21-EMA
- MACD confirms bullish crossover on signal line, adding to the upside bias
- Bullish 5-DMA crossover on 20-DMA adds to the upside bias
Fundamental Overview:
Markets await key Bank of England (BOE) event scheduled for Thursday for further impetus.
CME’s BOEWatch tool shows a 100% probability of a rate hike move during the meetings in November and December.
A jump in the UK’s covid infections, to 40,077 from 38,009 reported the previous day keeps upside limited.
Major Support and Resistance Levels:
Support levels - 0.8472 (21-EMA), Resistance levels - 0.8506 (55-EMA)
Summary: EUR/GBP poised for further upside. Break above 55-EMA will see test of 0.8522. Bullish invalidation only below 21-EMA.
