The Bank Of England kept rates unchanged what was consistent with market’s expectations. After the decision EURGBP sharply moved up. The price moved between 0.8485 – 0.8500 in the forenoon and quickly after the decision EURGBP reached resistance at 0.8520. Currently, the bulls are trying to crash through the resistance. If they succeed, next resistances are located at: 0.8560, 0.8600, 0.8700.
The alternative scenario for EURGBP is to rebound from 0.8520 and further downward movement towards 0.8355. The bears will have to break supports at the levels as fallow: 0.8480, 0.8420.
