EUR/GBP Poised for Bearish Continuation after the ECB/BoE Risks

eurgbp 1h chart 11/6

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.

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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