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EUR/GBP: held up at 4 month support, headed higher?

FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7052 with a high of 0.7079 and a low of 0.7022.

EUR/GBP has been one of the more steady crosses at the open of this week after the weekend's atrocities. The price has been better offered given the divergence of the Central Banks and the ECB likely to ease further and extend/expand their QE programme.

The range is a wide 100 pips along the hourly charts from the start of November and the 0.70 handle is becoming under increasing pressure with 0.7020 acting as support while the 200 SMA on the same time frames acts as resistance. However, following the recent guidance of the BOE's leadership, analysts at BBH noted that the market accepts that a UK rate hike is unlikely to be delivered in the next few months and this could support the cross.

EUR/GBP levels

Technically, EUR/GBP has sold off to the 0.7027 4-month support line, and Karen Jones, chief analyst at Commerzbank explained that they would allow for some consolidation ahead of further weakness and note the daily Elliott wave count is indicating a 0.7120/65 rally ahead of another leg lower.

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