Slight decline by euro-pound after the ECB’s meetingEuro vs. Great British PoundFX:EURGBPMichael_Stark_ExnessEuro-pound’s recent bounce seems to have paused as the common currency generally declined in the wake of the ECB’s meeting on 23 July. Recent economic data might seem to favour the pound with lower unemployment and higher growth in Britain compared to the eurozone while inflation is similar. Although participants had priced in a hike by the ECB in September, this seems less certain now, so there’s a possibility that the current difference in rates favouring the pound might persist into the autumn. The 61.8% weekly Fibonacci retracement around 84.7p is a clear candidate for support given the bounce from there with moderate volume on 16 July and continuation upward since. The price has yet to break clearly through the 20 SMA around 85.2p, but if it does the next possible resistance in the medium term could be the 38.2% Fibo slightly above 86p although the 50 SMA from Bands might be a dynamic resistance. With no strong change in volume or ATR within the last few weeks, the price could continue to gain depending on sentiment and particularly that around British politics with Andy Burnham’s government still fresh. Both the Fed and the BoE are due to meet in the next few days while the eurozone’s flash inflation and Q2 GDP on 30 and 31 July might give more hints as to the ECB’s next move (or lack thereof) in September. This is my personal opinion, not the opinion of Exness. This is not a recommendation to trade.