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EUR/GBP continues to oscillate behind Wednesday’s performance

FXstreet.com (London) - at 0.8562/56, EUR/GBP continues to oscillate behind Wednesday’s performance to the upside and highs of 0.8592 (previous 22.4 high).

The pair was supported by dovish BoE minutes and more recently, by Eurozone PMI in services and manufacturing. The readings are unlikely to be a catalyst for further easing by the ECB. So, fundamentally, until any closes below 0.8500, risks are likely to be to the top side of the range between 0.8500 and 0.8590. Breakouts for further topside target comes in range for 0.8637.

Technically, the pair could fall into a relapse of the previous ranges from late April below 0.8500 and be re-united with the falling wedge that was breached to the topside this week. However, momentum indicators in the daily charts do offer the pair a bullish signal, with strong support sighted at 0.8480 as last defence by the SMA200, the pair are also supported at EMA5 0.8546.

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