EURGBP pair is taking a breather before European markets, as UK’S Super Thursday is due today. What else should you know about the pair’s movement? Find out here on the 8 February EURGBP Technical Outlook.
8 February, GKFX – EUR/GBP is trading flat through Tokyo markets, spending the entire session very close to 0.8837.
The Euro managed to climb against the Sterling recently as risk aversion in markets sent the GBP to the bottom of the pile, dropping the most against its peers in risk-off market moves. That bullish momentum has ended the past two days and is seeing the Euro once again sinking against its closest peer/rival.
UK’s Super Thursday to shake things up
Germany has trade data due at 07:00 GMT, but with the UK’s ‘Super Thursday’ event due today, with the Bank of England releasing their interest rate decision and monetary policy meeting minutes, volatility risk is very real today, and EUR/GBP could find the momentum it needs to keep the bearish trend in play if the BoE doesn’t impress risk-takers with their offerings.
8 February EURGBP Technical Outlook
Swing support for price is present near 88.13, while bullish price action will have to contend with an intraday resistance line at 0.8871; H4 charts are showing potential for continued EUR bullishness, with EUR/GBP currently testing into the 34-EMA, but Daily charts show the descending channel still in play, and a rejection from here could see the pair reaching the 0.8680 region in the future.
Today’s pivot points:
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