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19 Jun 2013
EUR/GBP has bounced on EMA50
FXstreet.com (London) - EUR/GBP had spiked up higher towards the top of the daily cloud (0.8600) but falling short at 0.8573 after the release of the BoE minutes this morning.
The vote was unanimous with regards to rates being left on hold, 9- 0. However, there was a 6-3 split with regards to their bond purchasing programme and QE, essentially echoing previous months. Research teams at TD securitres explain that the next meeting becomes much more interesting as the new BoE Governor Carney takes the helm. After reaching above 1.5700 at the start of the week, GBPUSD has topped out for the time being.
EUR/GBP dependent on USD outcome
A stronger USD today would reinforce the turn, and an extension lower targets 1.55 in the coming week. This in turn would of course see EUR/GBP to the top of the cloud again – if breached on a close then the April highs would be the next objective. Daily momentum is leaning to the upside and supported by EMA50 at 0.8545 with key support coming in from SMA200 at 0.8514.
The vote was unanimous with regards to rates being left on hold, 9- 0. However, there was a 6-3 split with regards to their bond purchasing programme and QE, essentially echoing previous months. Research teams at TD securitres explain that the next meeting becomes much more interesting as the new BoE Governor Carney takes the helm. After reaching above 1.5700 at the start of the week, GBPUSD has topped out for the time being.
EUR/GBP dependent on USD outcome
A stronger USD today would reinforce the turn, and an extension lower targets 1.55 in the coming week. This in turn would of course see EUR/GBP to the top of the cloud again – if breached on a close then the April highs would be the next objective. Daily momentum is leaning to the upside and supported by EMA50 at 0.8545 with key support coming in from SMA200 at 0.8514.