NEWS: The UK Pound fell after the Bank of England raised its benchmark interest rate by 25 basis points to 4.25% and signalled no certain path of future interest rate hikes.
Possible Scenarios:
If EUR/GBP fails to break above Resistance 1 of 0.88900, our Research Department expects EUR/GBP to undergo a short-term downward correction.
If EUR/GBP manages to break above Resistance 1 of 0.88900, our Research Department expects EUR/GBP to extend its gains to its Resistance 2 of 0.8920.
Support and Resistance Levels:
EUR/GBP |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
0.8800 |
0.8815 |
0.8830 |
0.8855 |
0.88900 |
0.8920 |
0.8950 |
Potential Profit or Potential Loss Calculations:
8 pips per 1 trading lot* |
USD |
EUR** |
GBP*** |
(+/-)100$ |
(+/-)92.00€ |
(+/-)81.47£ |
* 1 trading lot is equivalent of 100,000 units
** EUR/USD = 1.08729
***GBP/USD= 1.22736
Calculations for exchange rate used as of 12:55 (GMT) 23/03/2023