EUR/GBP: consolidating the BoE rally

EUR/GBP is consolidating the BoE outcome and subsequent spike to 0.8497 highs with support arriving at 0.8470.

EUR/GBP rallied as the Boe painted a gloomy picture ahead in respect to growth and higher inflation due to a weaker pound as a result of investor sentiment post the Brexit vote. "

"We haven't thrown everything at it," explained BOE's Carney after the boE cut rates by just 25bps from 0.50% with additional QE £60bn government purchases and £10bn corporate. 

EUR/GBP levels

Current price is 0.8486, with resistance ahead at 0.8487 (Daily Classic R3), 0.8499 (Daily High), 0.8504 (Weekly Classic R1), 0.8565 (Weekly Classic R2) and 0.8585 (YTD High).
Next support to the downside can be found at 0.8474 (Weekly High), 0.8462 (Daily Classic R2), 0.8436 (Yesterday's High), 0.8427 (Hourly 100 SMA) and 0.8424 (Hourly 20 EMA). 
Looking at price patterns, we can see a Piercing Line 1-hour candlestick formation.

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