FxWirePro: EUR/GBP rejected at session highs, pound gains traction ahead of BoE
EUR/GBP chart - Trading View EUR/GBP was trading largely unchanged at 0.8536 at around 08:50 GMT, the British pound gains traction ahead of BoE monetary policy meeting. Cautious sentiment prevails across the markets amid…
EUR/GBP was trading largely unchanged at 0.8536 at around 08:50 GMT, the British pound gains traction ahead of BoE monetary policy meeting.
Cautious sentiment prevails across the markets amid virus-led pessimism and the Brexit deadlock.
Rising concerns regarding the Delta Plus virus variant and uncertainties over the July 19 deadline for the UK’s complete unlock probes optimists.
Bank of England (BOE) is expected to keep policy unchanged. Bulls eyeing hawkish BOE statement for impetus.
BOE policymaker’s voting count and statements conveying the economic optimism will boost the pound further. On the other side, upbeat German IFO data will keep check on the downside.
Technical bias for the pair is bearish. GMMA indicator shows major and minor trend are strongly bearish.
Summary: The pair is down 0.52% for the week till date. Price action is on track to test trendline support at 0.85. Violation there will open downside.
