- Falling 21 DMA at 0.7055 keeps bear pressure on EUR/GBP, the pair eyes 0.7003 after extending south from 0.7051 (Monday high)
- Consolidation near recent lows persists, expect new long-term trend lows to be made, price could targets 0.6665
- ECB deposit rate cut & QE APP increase expected Thursday, likely priced into the markets
- Market also await BOE to publish the results of its latest round of stress tests of UK banks alongside its Financial Stability Report, followed by BOE Governor Carney’s speech
- Immediate support is seen at 0.7003 (Daily Low Nov 25), while resistance is seen at 0.7051 (Double top Nov 27,30)
Resistance Levels:R1: 0.7051 (Double top Nov 27,30)R2: 0.7055 (21 DMA)R3: 0.7080 (Daily High Nov 25)Support Levels:S1: 0.7003 (Daily Low Nov 25)S2: 0.6982 (Daily Low Nov 18)S3: 0.6970 (Daily Low Aug 6)
The material has been provided by InstaForex Company – www.instaforex.com