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EUR/GBP steady after BoE decision

FXStreet (Córdoba) - Pound was barely affected by the Bank of England decision to leave its monetary policy unchanged, as it was widely anticipated.

EUR/GBP moved only a couple of pips and continues to consolidate near daily highs at the 0.7850 zone, after the downside was contained by the 0.7800/10 area over the last week. At time opf writing, EUR/GBP is trading at 0.7850, up 0.46% on the day, having hit a high of 0.7856.

Bank of England decision

The Bank of England decided to leave its monetary policy unchanged with the Bank Rate at 0.5% and the amount of the Asset Purchase Facility at £375 billion.

EUR/GBP technical levels

On the upside, EUR/GBP could find immediate resistances at 0.7865 (Nov 5 high), 0.7883/87 (Oct 31 high/20-day SMA) and 0.7900 (psychological level). On the downside, supports could
be found at 0.7800/0.7798 (psychological level/Nov 3 low), 0.7789 (Oct 2 low) and 0.7766 (2014 low Oct 1).

LME Inventory Update

The daily inventory data released by the London Metal Exchange (LME) today showed a decline in the inventory levels of Zinc and Lead. Meanwhile, the data showed a rise in the inventory levels of Copper, Aluminium and Zinc.
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