Instrument: EURGBP
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 0.85197 with take profit at 0.85303.
Bearish Preference:
Sell position is envisaged if price trades below 0.84957 with take profit at 0.84859.
Fundamentals:
8:00am GBP CPI y/y
Comment: The BoE is in a tough spot ahead of the policy meeting on Thursday, and it remains uncertain whether the bank will raise rates. The Euro on the other hand dropped during the previous two days before bouncing off a short-term ascending triangle’s support as markets await the US Federal Reserve’s (Fed) verdict, also the European Central Bank (ECB) monetary policy decision.
Analysis: SCRUM Team