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[QUOTE="Zerologic, post: 236143, member: 126754"]
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EURGBP is consolidating near the support zone

EURGBP price volatility looks high referring to the Bollinger band indicator, the wide spacing of the upper and lower bands indicates high market volatility.

The EURGBP price wave is quite interesting, since August the price has started to move up from the low range of 0.84125, to reach the high level of 0.86185. The highest price was formed at 0.86238 on August 8.

Then the price gradually decreased back to a low point at the price of 0.83984 on August 30. Earlier this week the EURGBP consolidation movement drew a bullish candlestick with a shadow on the top candle.

Going to the W1 time frame, this zone is a support zone based on previous price history which may be an important level for possible trend reversal or continuation.

From a fundamental perspective, the ECB is predicted to reduce its main lending interest rate next month due to lower inflation as expected. Meanwhile, the BOE predicts a slower policy easing cycle. . The BoE is expected to cut interest rates once again this year.

See today's economic calendar schedule, traders will probably focus on US ISM manufacturing PMI data which is forecast at 47.5 from the previous revision of 46.8. However, whether this news release will have an impact on EURGBP is not yet clear.
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