Thursday, October 15, 2026

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FxWirePro: EUR/GPB holds channel base support, weakness only on break below

EUR/GBP trades weaker on the day, down 0.13 pct as we head into the European open. Focus remains on final prints of Services PMI for the month of July followed by Retail Sales in the euro area. A BoE rate cut on Thursday…

By FxWire Pro
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FxWirePro: EUR/GPB holds channel base support, weakness only on break below
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  • EUR/GBP trades weaker on the day, down 0.13 pct as we head into the European open.
     
  • Focus remains on final prints of Services PMI for the month of July followed by Retail Sales in the euro area.
     
  • A BoE rate cut on Thursday is now fully priced in. Markets will look forward to changes to the economy and inflation forecasts.
     
  • GBP under pressure on the back of expectations of a muted UK services PMI report due later in the European session.
     
  • Momentum studies are neutral. The pair is trading a rising channel on the 4-hourly  charts.
     
  • Strong channel base support lies at 0.84 levels, weakness seen only on decisive break below.
     
  • Downside below 0.84 finds next support at 0.8386 and then 0.8360 levels.
     
  • On the upside resistance is located at 0.8422 (4H 20 MA), 0.8450 (28 July high) and then 0.8470 (14 July high).
     

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By FxWirePro Team