Could Euro Be Ready to Take A Pounding From Britain’s Currency?

Posted on Posted in Currencies & Forex

pound-euroThe Euro has been declining for three consecutive days against the British Pound, but has yet to make a significant break to downside. The one thing holding support for this forex pair is the pending Bank of England (BOE) monetary policy announcement. Many speculators are expecting further stimulus and rate reductions to counter the economic impact of Brexit. On July-14-2016 (7:00am ET), the BOE will provide further clues. Until then, stay tuned.

Resistance
Daily High @ 0.8580
3-Day High @ 0.8612
YTD-High @ 0.8625

 

Support
Daily Low @ 0.8484
5-Day Low @ 0.8382
23.6% Fibonacci Retracement @ 0.8236

 

eur-vs-gbp daily forex july-11-2016
Click to enlarge

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