EUR/GBP recovery movement back on track

FXstreet.com (New York) - The EUR/GBP technical cross is back on track, as the recovery movement received fresh legs during the afternoon of US trading.

In a day dominated by central banking action – BoE and ECB interest rates held at 0.5% - the EUR/GBP has yet to shake its negativity, now pegged at much-reduced -0.10% on the day. At this juncture, the cross is trading at 0.8740. The cross remains insulated by support at 0.8719, ahead of 0.8677 (session low), and finally 0.8652.

EUR/GBP strategic bias

According to the Technical Analyst Team at ICN.com, “The EUR/GBP pulled back sharply earlier, dipping below 0.8700 and activating a bullish scenario, which remains valid so long as 0.8640 support level is holding.”