Thursday, October 15, 2026

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FxWirePro: EUR/GBP rejected at major trendline resistance, bias lower

At ECB policy meeting yesterday, Draghi left markets hanging, remained in a waiting mood and did not give any hints on the direction of future moves. EUR/GBP has a volatile session on Thursday. Spiked to as high as 0.902…

By FxWirePro Team
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FxWirePro: EUR/GBP rejected at major trendline resistance, bias lower
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  • At ECB policy meeting yesterday, Draghi left markets hanging, remained in a waiting mood and did not give any hints on the direction of future moves. 
     
  • EUR/GBP has a volatile session on Thursday. Spiked to as high as 0.9026 before falling back to 0.8910 levels.
     
  • In separate data, UK retail sales showed strongest quarterly gains since late 2014, boosting the pound.
     
  • Techs on daily charts are bearish. The pair has seen multiple rejections at trendline. Bias lower.
     
  • Downside finds strong support by 20-DMA at 0.8860, break below could accentuate weakness.
     
  • Major support levels - 0.8936 (hourly 20-SMA), 0.8831 (20-DMA), 0.88, 0.8785 (Oct 6 low)
     
  • Major resistance levels - 0.8941 (5-DMA), 0.8958 (Oct 19 high), 0.8985 (trendline), 0.9030 (Oct 18 high).
     
  • Our previous call (http://www.econotimes.com/FxWirePro-EUR-GBP-finds-stiff-resistance-at-090-trades-narrow-range-ahead-of-UK-unemployment-data-355288) is progressing.
     
  • TP1 achieved, hold for further downside, bearish invalidation above 0.90
     

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By FxWirePro Team