FxWirePro: EUR/GBP trades narrow range above trendline support, focus on BoE policy meet

• EUR/GBP stuck in tight range, focus remains on BoE policy meeting due ahead in the European session.
   
• The pair was rejected above 20-DMA on Tuesday's trade. Momentum studies are neutral, with a slightly bullish bias.
   
• 50-DMA at 0.8521 is stiff resistance on the upside, break above could see further gains.
   
• On the flipside, break below major trendline support at 0.8490 could see drag upto 200-DMA at 0.8417.
   
• Support levels - 0.8490 (trendline), 0.8470 (Jan 26 low), 0.8417 (200-DMA)
   
• Resistance levels - 0.8521 (50-DMA), 0.86, 0.8611 (20-DMA), 0.8651 (100-DMA)
   

TIME  TREND INDEX  OB/OS INDEX    

1H          Bearish              Neutral       
4H          Neutral               Neutral       
1D          Neutral               Neutral        
1W         Bearish               Neutral        

Recommendation: Good to go long on break above 50-DMA at 0.8521, SL: 0.8470, TP: 0.86/ 0.8620/ 0.87/ 0.8760

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 32.6548(Neutral), while Hourly GBP Spot Index was at 38.4279 (Neutral) at 0840 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.