Dealing with EUR/GBP after the ECB and BoE

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Dealing with EUR/GBP after the ECB and BoE

Today, we got a double dose of central bank risk from the Bank of England and the European Central Bank. While the BoE stayed pat, the ECB cut rates and signaled more stimulus measures such as buying of asset-backed-securities (ABS), as well as considering QE. Let’s take a look at the EUR/GBP after today’s key fundamental risk.

The EUR/GBP was choppy, but after the central bank statements, it looks like the result will be bearish. Price should now stay below 0.7960, and push toward 0.7875. A break below 0.7870 should then open up the 2012-low at 0.7744.

Previous Post: ECB Cuts Rates and Signals QE; EUR/USD Reaction and Outlook

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.
  • sengtheavy

    Hello, Mr. Fan Yung