- Pound dented by Bank of England's neutral stance at Thursday's policy meet.
- GBP bulls likely to stay on the sidelines ahead of the next month’s article 50 trigger date.
- EUR/GBP spikes after BoE meeting on Thursday to hit highs of 0.8625.
- The pair however, closed below 0.86 handle after failing to hold gains above 20-DMA.
- Technical studies are biased higher, break above 20-DMA could see further upside.
Support levels - 0.8565 (5-DMA), 0.8521 (23.6% Fib retrace of 0.9225 to 0.8305 fall), 0.85 (trendline), 0.8470 (Jan 26 low)
Resistance levels - 0.8616 (20-DMA), 0.8652 (100-DMA), 0.87, 0.8765 (50% Fib)
TIME TREND INDEX OB/OS INDEX
1H Neutral Neutral
4H Bullish Neutral
1D Bullish Neutral
1W Neutral Neutral
Call update: our previous call (http://www.econotimes.com/FxWirePro-EUR-GBP-trades-narrow-range-above-trendline-support-focus-on-BoE-policy-meet-519663) has hit TP1&2.
Recommendation: Book partial profits at highs, hold for further gains.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 37.236(Neutral), while Hourly GBP Spot Index was at -109.629 (Highly bearish) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
