EURGBP Technical Outlook


How does the BoE’s monetary policy meeting yesterday, impact the EURGBP pair? Learn this and more from the 9 February EURGBP Technical Outlook.

9 February, GKFX – EUR/GBP Is trading very tightly ahead of European markets, with the Asia session logging a high-low range of just 12 pips, with the pair trading around 0.8793 for the entirety of the Tokyo market thus far.

EUR/GBP went for a volatile ride yesterday after the pair dropped following the Bank of England (BoE)’s Super Thursday interest rate decision/monetary policy meeting event yesterday that saw the GBP gain against the Euro, only for the GBP to give it all right back after the US posted better-than-expected economic data that sent risk assets dropping, leaving EUR/GBP to finish the New York session down just 30 pips from where it started 24 hours previous.

The EU has GDP data for the 4th quarter of 2017 coming next Wednesday for Germany, Italy, and Portugal, as well as the broad Euro-region, and traders can expect a healthy dose of volatility if the figures come out better or worse than expected.

9 February EURGBP Technical Outlook

The pair has been bumping around the charts lately, and current swing support/resistance is resting at extreme ends of recent moves at 0.8742 and 0.8814 respectively; and while price is currently respecting the rising trendline on H4 charts, major support at 0.7845 is helping to form the bottom portion of a descending triangle on Daily charts.

Today’s pivot points:

R2: 0.8900

R1: 0.8850

PP: 0.8791

S1: 0.8741

S2: 0.8682

Disclaimer

This article 9 February EURGBP Technical Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

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