EUR/GBP stuck back in range

EUR/GBP is a slow start on the week, with a high of 0.8363 and a low of 0.8340, the pair awaits developments towards the end of the week

Strategists at TD Securities notes that a remark from an ECB member that the Bank is ‘ready’ to cut interest rates further is the only noteworthy fundamental development in the EZ since Friday. “However, the comment came from a non-key board member (Hansson) and was not really anything we haven't’ heard already, so the impact has not been particularly significant. Today and the days ahead are light on data which suggests neutral, rangey trading could continue to be the prevailing tone. With the ECB’s focus on deflationary concerns lately the flash CPI reports on Thursday/Friday should be the defining events of the week.

EUR/GBP Levels

The 20 DMA is 0.8416, the 50 DMA is 0.8431 and the 200 DMA is 0.8521. RSI (14) reads 53.20. Supports are ascending from 0.8266, 0.8285, 0.8300, 0.8317. Spot is 0.8347 while resistances are 0.8370, 0.8395, 0.8415 and 0.8464.

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