EURGBP

The ECB and the Bank of England both meet and announce rate decisions on Thursday and like the EURUSD (see post here), the price of the EURGBP seems to be waiting for the next shove from the fundamental news.

Looking at the hourly chart above, the price has been trading in a range between 0.8546 to 0.85877. That range has been in play over the last 6+ days. In between, is the 100-hour MA (blue line), currently at 0.85707. That moving average is moving sideways indicative of a market that is unsure of the next move.

On the topside the falling 200-hour MA is at 0.8586 just below the high swing level.

With the price between the extremes and near the sideways 100-hour MA, the price can not be at a more neutral level. Traders are awaiting the next shove either above 0.8577 or below 0.8546. The 100-hour MA will be a short-term rudder that can steer the boat higher (on a move below) or lower (on a move below).

Be on the lookout for the next break (higher or lower) with momentum and go with it.

This article was written by Greg Michalowski at www.forexlive.com. Source