EUR/GBP pulls back down to the base of its multi-month range at 0.8380 after shooting higher on Thursday, October 3, as a result of comments made by the Governor of the Bank of England (BoE) Andrew Bailey.
EUR/GBP has pulled back to key support after rallying sharply on Thursday. The pair has probably changed trend but a break above the October 3 high would confirm a bullish reversal. EUR/GBP pulls back down to the base of its multi-month range at 0.8380 after shooting higher on Thursday, October 3, as a result of comments made by the Governor of the Bank of England Andrew Bailey.
EUR/GBP Daily Chart Assuming a bullish scenario, EUR/GBP will probably reach the key resistance level at the cluster of Moving Averages in the 0.8450s, as well as the high of the consolidation channel. The next target above that is the green 200-day Simple Moving Average at 0.8510. The blue Moving Average Convergence Divergence momentum indicator has crossed above its red signal line, further signaling a probable change in the trend. It would require a break below 0.
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