Tue, Mar 21, 2023 @ 01:25 GMT
HomeContributorsTechnical AnalysisEUR/GBP Edges Up Post Soft UK Data And Carney's Speech

EUR/GBP Edges Up Post Soft UK Data And Carney’s Speech

EUR/GBP downtrend was held above the significant support line at 0.8500, after hitting a 5-week low of 0.8485 on March 31.

EUR/GBP bulls failed to gain the near-term major resistance level at 0.8600 on April 5, as the pressure at the level is heavy.

The bulls have regained momentum since this morning, as a result of a weakening Sterling caused by underperforming UK industrial and manufacturing data (Feb) and the Bank of England President Carney’s statement.

Carney made a speech after the release of the data. He stated that the Brexit negotiation would influence bank regulations and cooperation. The transition period poses a risk to the stability of financial system.

On the 4-hourly chart, the price is heading from the lower band to the middle band by the Bollinger Band indicator, suggesting the bullish momentum is strengthening.

The resistance level is at 0.8565, followed by 0.8580 and 0.8600.

The support line is at 0.8530, followed by 0.8510 and 0.8500.

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