7 Nov 2013
EUR/GBP off of session lows as traders position themselves ahead of BOE and ECB
FXstreet.com (Barcelona) - Ahead of the dual central bank announcements out of Europe and Britain Thursday, the EUR/GBP now appears to be in the midst of a new primary wave lower with a downside target of at least 0.8281.
EUR/GBP traders have the BOE and ECB announcements to digest in a few hours
EUR/GBP traders will have the pleasure of trading off of both countries’ central banks making their monthly policy announcements and commentaries in the same trading session – a rare occurrence.
Technical outlook for EUR/GBP
Technicians say the EUR/GBP cross is currently likely in a third wave lower with a minimum downside target of 0.8335 and a more likely target of 0.8281. First resistance comes in at Wednesday’s peak at 0.8476 and is backed up by additional resistance at the 10/11 peak at 0.8508.
EUR/GBP traders have the BOE and ECB announcements to digest in a few hours
EUR/GBP traders will have the pleasure of trading off of both countries’ central banks making their monthly policy announcements and commentaries in the same trading session – a rare occurrence.
Technical outlook for EUR/GBP
Technicians say the EUR/GBP cross is currently likely in a third wave lower with a minimum downside target of 0.8335 and a more likely target of 0.8281. First resistance comes in at Wednesday’s peak at 0.8476 and is backed up by additional resistance at the 10/11 peak at 0.8508.