EUR/GBP finds support at 0.7300, remains range-bound
FXStreet (Córdoba) – The pound is among the top performers on Monday, ahead of Thursday’s Bank of England decision. EUR/GBP dropped from 0.7355 and bottomed during the European session at 0.7297 but quickly rose back above 0.7300.
During the last hour it remained steady, moving between 0.7315 and 0.7300 on a quiet session in the forex market with low volume amid a US holiday.
Against the Swiss franc the pound is rising more than a hundred pips. GBP/CHF is testing a key resistance, currently trading slightly above 1.4900.
EUR/GBP technical outlook
The pair continues to move sideways, as it has been the case since August 24, unable to consolidate above 0.7400 but with support on top of 0.7250. Only a break of 0.7400 could open the doors for more gains, increasing the odds of a more significant bullish correction as the long term trend continues to favor the pound.
The pound is among the top performers on Monday, ahead of Thursday’s Bank of England decision. EUR/GBP dropped from 0.7355 and bottomed during the European session at 0.7297 but quickly rose back above 0.7300.
(Market News Provided by FXstreet)