- EUR/GBP extends range trade, 0.7372 being day’s high and 0.7343 the day’s low
- The pair continues to trade sideways, poor EU CPI data having negligible impact on the euro
- EZ CPI fell 0.1% y/y in Sept following the 0.1% hike seen in August, the weakest reading since March
- Currently the pair is trading below the tenkan at 0.7413, denting bulls, but positive alignment of tenkan & kijun lines highlights recovery potential
- BOE MPC member Forbes speech will be also closely eyed for any cues on the BOE rate hike timing
- Immediate resistance for the pair seen at 0.7385 (10 DMA), while support is located at 0.7343 (Daily Kijun & Session Low Oct 15)
Resistance Levels:R1: 0.7385 (10 DMA)R2: 0.7390 (Session High Oct 16)R3: 0.7400 (Psychological Level)Support Levels:S1: 0.7343 (Daily Kijun & Session Low Oct 15)S2: 0.7337 (Daily Low Oct 9)S3: 0.7300 (Psychological Level)
The material has been provided by InstaForex Company – www.instaforex.com