Fundamental Analysis of EUR/GBP for July 19, 2017
July 19, 2017 3:37 pmVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for May 1-2, 2024: buy above $2,290 (21 SMA – 4/8 Murray) May 1, 2024
- Technical Analysis – US 500 index might hit lower levels after Tuesday’s slump May 1, 2024
- Technical Analysis – NZDUSD falls back towards 5-month low May 1, 2024
- Technical Analysis – USDJPY erases losses, but risks remain May 1, 2024
- Video market update for May 01, 2024 May 1, 2024
- What do Q1 earnings hold for Disney’s stock? – Stock Markets May 1, 2024
- Will the post-FOMC jobs report move the dollar? – Preview May 1, 2024
- Forex forecast 05/01/2024: EUR/USD, GBP/USD, USD/JPY, SP500 and Oil from Sebastian Seliga May 1, 2024
- Market Comment – Dollar enjoys a bid; stocks concerned about a hawkish Fed May 1, 2024
- Technical Analysis – Gold seeks safety after Tuesday’s drop May 1, 2024
- Technical Analysis – USDJPY stabilizes a tad below 160.00 May 1, 2024
- Video market update for April 30, 2024 April 30, 2024
- Analysis of the EUR/USD pair on April 30, 2024 April 30, 2024
- Analysis of the GBP/USD pair on April 30th. Last chance for the dollar April 30, 2024
- GBP/USD: Simple trading tips for novice traders for April 30th (US session) April 30, 2024
- EUR/USD: Simple trading tips for novice traders for April 30th (US session) April 30, 2024
- GBP/USD: trading plan for the US session on April 30th (analysis of morning deals). The pound is kept within the side channel April 30, 2024
- Could Monday’s intervention turn the tide for the yen? – Special Report April 30, 2024
- EUR/USD: trading plan for the US session on April 30th (analysis of morning deals). The euro is trying to end the month on April 30, 2024
- Trading Signals for Bitcoin (BTC/USD) for April 30 – May 7, 2024: sell below $62,500 (21 SMA – 4/8 Murray) April 30, 2024
EUR/GBP has been in a corrective volatile structure after a non-volatile bullish move towards 0.8850 resistance level and currently struggling at the edge of 0.8850. Recently EUR has been struggling with its mixed and unchanged economic reports which stopped the bullish momentum against GBP where GBP has been struggling to get over the Brexit and the economic uncertainty. Yesterday, the UK released a series of downbeat economic reports including CPI report which showed a worse value at 2.6% which was expected to be unchanged at 2.9%. On the EUR side, today German 30-y Bond Auction report was published at 1.29|1.8 which previously was at 1.02|2.0. The economic report enabled EUR to gain some momentum over GBP. Tomorrow is a big day for both EUR and GBP as a large number of high impact economic reports will be published. Tomorrow, EUR Minimum Bid Rate report will be published which is expected to be unchanged at 0.0%, along with ECB Press Conference. As of the recent hawkish comment of ECB President Draghi, the rate is expected to show some positive result tomorrow and help EUR to gain over GBP. On the other hand, GBP Retail Sales report is also going to be published tomorrow which is expected to show a positive result at 0.4% which previously was at -1.2%. To sum up, though EUR/GBP is struggling at 0.8850 level currently, higher volatility is expected to hit the market tomorrow amid a flood of macroeconomic statistics which will provide hints about upcoming directional movement in this pair. EUR is expected to have an upper hand over GBP in the coming days due to the market sentiment and hawkish behavior of ECB recently.
Now let us look at the technical chart. The price is currently struggling to break above the resistance level of 0.8850. The price has already rejected and had a false break recently above the level which does signal the strength of the bears in the current market situation. Though the price has been supported by 20 EMA along the way towards 0.8850 but recently a good amount of volatility is indicating the presence of bears in the market to take the price further down towards 0.8530 support level. As the price remains below 0.8850 with a daily close the bearish bias is expected to continue in this pair.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: