Today, the ECB and BoE provided statements about their latest monetary policy decisions. The EUR/GBP has been consolidating choppily ahead of these event risks, but is looking ready for a bearish continuation afterwards. Let’s take a look at the EUR/GBP charts to assess the technical development and outlook.
The reaction after both BoE and ECB statements was a hold below this week’s consolidation resistance and a dip to the consolidation support. This is keeping EUR/GBP bearish, and if it holds below the middle of this week’s range, the outlook remains bearish toward the 0.7765 low on the year.
Previous Post by Author: ECB Holds off but Gearing up for QE; EUR/USD Sinks