Challenged by a tough resistance at the 0.8034 price level but buoyed by the support from the 0.8026 price mark, the EURGBP currency pair is projected to advance in the currency trades today. Despite the short-term sideways trend observable in the technical chart, price activity is forecast to incline to the north and experience some gains.

Asian stocks advanced today as investors showed more appetite for riskier assets on expectations of further action by central banks to tackle flagging global growth. Also, on signs of increased risk response by the markets, European shares are deemed to open the day slightly higher as trading is expected to be thinner due to the Fourth of July public holiday in the United States and the closure of markets there.

In the 30-minute technical chart, price action is at present restrained by the contracting lines of the Bollinger Bands(20). A price outbreak is expected to ensue in later exchanges considering the current soft trades. Albeit marginally, the candlesticks can be traced heading upwards from yesterday’s low price of 0.8010 and Monday’s 0.8004. In addition, the arrangement of the signal lines of the Ichimoku Kinko Hyo(9,26,52) are seen to admit the impending bullishness of the price movement. The Tenkan-sen line moves to overtake the Kijun-sen signal after a brief dominance of the latter.

Moreover, the Stoch(14,3,3) indicator approves of the projection of bullish movement for the currency pair as the %K oscillator now dominates the %D line. Both oscillators are now headed towards the 80.0 level, indicating stronger interest for the EUR currency. Considering these factors, trades are expected to go north for the Euro-Sterling today.