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EUR/GBP downside opening up, targets 200 DMA

FXStreet (Guatemala) - EUR/GBP has been consolidating the move through the 200 DMA at 0.7282 of late September having reached a high of 0.7432.

However, the downside is being tested below the 0.74 handle again, finding demand at the 200 SMA on the hourly chart today at 0.7376. This week comes wit both the BoE's super Thursday where it is expected for their to be no changes. On the same day, there will be an overview of financial market, economic and monetary developments from the ECB giving us an understanding of the Governing Council's assessment of the EZ economy.

EUR/GBP downside levels

Karen Jones, chief analysts at Commerzbank explained Minor support comes in around the 200 day moving average at 0.7285, but ideally we would like to see a close below the 55 day m.a at 0.7220 to negate upside pressure and refocus attention on the downside to the 0.6937 July low.

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