EURGBP: Waiting for central bank decisions

<p>The ECB and the Bank of England both meet and announce rate decisions on Thursday and like the EURUSD (<a href="https://www.forexlive.com/technical-analysis/eurusd-at-critical-juncture-as-fed-and-ecb-prepare-for-interest-rate-decisions-20231211/" target="_blank" rel="follow">see post here</a>), the price of the EURGBP seems to be waiting for the next shove from the fundamental news. </p><p>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. </p><p>On the topside the falling 200-hour MA is at 0.8586 just below the high swing level. </p><p>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). </p><p>Be on the lookout for the next break (higher or lower) with momentum and go with it. </p>

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