EURGBP tumbles on Draghi comments and projection revisions

Back below 200 day MA

The EURGBP is also sharply lower on the back of lower inflation in GDP projections and hints of QE tinkering.

The move has taken the price back below the 200 day moving average. That level comes in at 0.73443. The price has also moved below the 100 and 200 hour moving averages at 0.7325 and 0.73206 respectively.

Looking at the hourly chart, the next target comes in at 0.7258-61. This level corresponds with a number of lows going back to August 25. Look for the 0.73002 now be close resistance.