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EUR/GBP – Another quiet day for the pair

EUR/GBP – EUR/GBP is very range bound, with attempts to a breakout on Wednesday to the top side, supported at 8445 and resisted at 8465 where again the market is testing on the release of EUR GDP that came in line with consensus. The pair ticked up and down again, oscillating in a tight range, so no shakes there yet again.

However, there appears to be a marginal preference to stay long of EUR/GBP on the desk’s in the market, leaning on 0.8405 and 0.8395 as support. The market is heavily long of USD and the pair is still sidelined with a focus else where with more interesting opportunities that are playing out. The risk to the downside in EUR/GBP is that long dollar positioning has been stacking up considerably and if today’s US data set (Claims/CPI/Philly) or Fed speakers (Rosengren/Raskin/Williams) paint a more dovish shadow, the market might be set for a correction which would could move EUR/GBP into a trend one way or another. The range acts as support and resistance zones, and breakouts either way are within 50 pip ranges.

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