Fundamental Analysis of EURGBP for January 11, 2018
January 11, 2018 7:22 am
EUR/GBP has been corrective for a few months now which is expected to have a break upward as of the current market structure. EUR and GBP have been fighting over to define a specified trend in the pair where EUR is expected to have an upper hand in the coming days. EUR has been better with the economic reports than GBP recently which helped the currency to sustain the gain and push higher. Today EUR Italian Retail Sales report is going to be published which is expected to increase to 0.8% from the previous negative value of -1.0% and Industrial Production report is also expected to increase to 0.8% from the previous value of 0.2%. Along with these economic reports, today ECB Monetary Policy Meeting Accounts is going to be held which is expected to be quite hawkish in nature having a better economic condition in the Eurozone recently. On the other hand, GBP has been struggling with its economic reports where Manufacturing Production report showed a slight increase to 0.4% which was expected to be unchanged at 0.3% but Goods Trade Balance and Construction Output reports were worse than expected which lead to loss of some grounds against EUR recently. Today, GBP BOE Credit Condition Survey report is going to be published where debt issues will be discussed which is expected to be quite neutral in nature and effect on the market. As of the current scenario, EUR is expected to gain momentum in the coming days over GBP which may lead to further upward move in the pair. Moreover, GBP is struggling with the political issues and economic reports which is one of the causes of relying on EUR for further bullish move in the pair.
Now let us look at the technical view. The price is currently showing some bullish divergence inside the range between 0.8750 to 0.90 price area. The price is currently squeezing itself which is expected to lead to an impulsive move which may lead to an upward break with the target towards 0.9250 price area in the coming days. As the price remains above 0.8750 the bullish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/GBP has been corrective for a few months now which is expected to have a break upward as of the current market structure. EUR and GBP have been fighting over to define a specified trend in the pair where EUR is expected to have an upper hand in the coming days. EUR has been better with the economic reports than GBP recently which helped the currency to sustain the gain and push higher. Today EUR Italian Retail Sales report is going to be published which is expected to increase to 0.8% from the previous negative value of -1.0% and Industrial Production report is also expected to increase to 0.8% from the previous value of 0.2%. Along with these economic reports, today ECB Monetary Policy Meeting Accounts is going to be held which is expected to be quite hawkish in nature having a better economic condition in the Eurozone recently. On the other hand, GBP has been struggling with its economic reports where Manufacturing Production report showed a slight increase to 0.4% which was expected to be unchanged at 0.3% but Goods Trade Balance and Construction Output reports were worse than expected which lead to loss of some grounds against EUR recently. Today, GBP BOE Credit Condition Survey report is going to be published where debt issues will be discussed which is expected to be quite neutral in nature and effect on the market. As of the current scenario, EUR is expected to gain momentum in the coming days over GBP which may lead to further upward move in the pair. Moreover, GBP is struggling with the political issues and economic reports which is one of the causes of relying on EUR for further bullish move in the pair.
Now let us look at the technical view. The price is currently showing some bullish divergence inside the range between 0.8750 to 0.90 price area. The price is currently squeezing itself which is expected to lead to an impulsive move which may lead to an upward break with the target towards 0.9250 price area in the coming days. As the price remains above 0.8750 the bullish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com
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