Fundamental Analysis of EURGBP for May 25, 2017
May 25, 2017 9:21 amVideo
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EUR/GBP is currently in a bullish non-volatile trend, which is expected to continue till the price climbs up to the 0.8850 resistance level. Today French and German banks are closed due to the Ascension Day which means no EURO economic events today. On the other hand, today the Second Estimate GDP in the UK was at 0.2% (vs. 0.3% expected), the Prelim Business Investment was somehow positive at 0.6% (vs. 0.3% expected); BBA Mortgage Approval was at 40.8k in line with expectations (vs. 40.9k previously); and the Index of Services was negative at 0.2% (vs. 0.3% expected). Overall, the UK had mixed economic reports today, which did helped the euro gain some momentum against the sterling today and in the coming days.
Now let us look at the technical view. The price is currently in a non-volatile bullish trend where the momentum is quite impulsive against GBP. Amid negative GBP economic reports from the UK today, EUR is expected to extend gains in the coming days with a target towards the 0.8850 resistance level. We are currently in bullish bias until the price takes out 0.8550 with a daily close.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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