The EUR/GBP pair has been ranging between the levels of 0.7466 and 0.7569, since the 12th of January 2016.
During the course of the day on Wednesday, the European cross initially fell down to 0.7466 to subsequently rise up to 0.7550. Today, the pair fell, reaching the daily low of 0.7530, in anticipation of the BoE’s Super-Thursday meeting, scheduled later in the day. In the event that the sellers keep pushing lower and the price breaks below 0.7511, profit targets could be set at 0.7496 and 0.7450 in extension.
On the alternative scenario where the price manages to break above the high of 0.7569, the pair could escalate up to 0.7617 and 0.7722 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.