Yesterday,the EURUSD showed mixed sentiment and the GBPUSD rose a bit. Today, the EURUSD is rising and the GBPUSD is showing mixed sentiment . From the data front, all eyes will be focused on the Bank of England interest rate decision. No changes in monetary policy are expected, with both Bank Rate and the target level for total asset purchases maintained at 0.10% and £895bn, respectively. However, the meeting is one of the occasions when economic forecasts are updated in the quarterly Monetary Policy Report. Anyway, let’s start the analysis:
The EURUSD showed mixed sentiment yesterday. First the bears tested the S1 support level, but the bulls successfully defended it, then they managed to rise and finished the day a little above 1.20. Today, the price is rising significantly, though. Right now the bulls are attacking the R1 resistance level. If they do it successfully, the price might even reach the R2 today. But if they fail, the price could drop to the Pivot Point.
The GBPUSD slightly went up yesterday. The price finished the session a little above 1.39. Today, it is showing mixed sentiment. If the buyers show their strength, the price might even reach 1.394 today. But if the bears take control over the market, the price could drop below the EMA 77.