6 Nov 2014
EUR/GBP at daily highs ahead of BoE/ECB
FXStreet (Córdoba) - EUR/GBP is on the rise, having hit fresh daily highs, as investors gear up for today’s key events: the BoE and the ECB policy verdicts at 12:00 GMT and 12:45 GMT respectively.
While both banks are expected to maintain the status quo, ECB President Draghi’s speech will attract market’s attention and may gave the euro fresh direction.
EUR/GBP rose to a daily high of 0.7855 mainly driven by pound weakness and it is currently trading at 0.7850, recording a 0.5% gain ahead of central banks' verdicts.
EUR/GBP levels to watch
On the upside, EUR/GBP could find immediate resistances at 0.7865 (Nov 5 high), 0.7883/87 (Oct 31 high/20-day SMA) and 0.7900 (psychological level). On the downside, supports could be found at 0.7800/0.7798 (psychological level/Nov 3 low), 0.7789 (Oct 2 low) and 0.7766 (2014 low Oct 1).
While both banks are expected to maintain the status quo, ECB President Draghi’s speech will attract market’s attention and may gave the euro fresh direction.
EUR/GBP rose to a daily high of 0.7855 mainly driven by pound weakness and it is currently trading at 0.7850, recording a 0.5% gain ahead of central banks' verdicts.
EUR/GBP levels to watch
On the upside, EUR/GBP could find immediate resistances at 0.7865 (Nov 5 high), 0.7883/87 (Oct 31 high/20-day SMA) and 0.7900 (psychological level). On the downside, supports could be found at 0.7800/0.7798 (psychological level/Nov 3 low), 0.7789 (Oct 2 low) and 0.7766 (2014 low Oct 1).