- EUR / GBP is being pressed at a key demand level on the daily chart.
- The bulls expect a breakout of the neckline of the M formation.
EUR / GBP has been offered this week pending critical central bank meetings. Technically, the price is forming a compelling chart pattern on the daily time frame as follows:
EUR / GBP Daily Chart
Price is creating an M formation on the daily chart and the bulls will be looking to target 0.8530 which is the neck line of the formation. However, there could still be some drop to test 0.85 before this happens.
Super Thursday will be an important event for the junction with the meetings of the Bank of England and the European Central Bank.
” We believe that the market will relax some of the BoE rate hikes forecast for next year. We have revised up our 6-month forecast for EUR / GBP to 0.86 from 0.84, “say analysts at Rabobank.
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%20Luca%20Delpia%20-%20Archivio%20della%20Fondazione%20I%20Teatri%20Reggio%20Emilia%201071%20b%20(002).jpg "The CCCP on stage in Legnano for the last call: “If you weren’t there, we would not be here”")
