The EURGBP currency pair, which was previously valued at 0.86224, has lost momentum and is currently trading close to 0.8625 on Monday.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• EUR/GBP loses traction and currently trades near 0.8625 on Monday.

The pair currently trades last at 0.86224.

The previous day high was 0.8669 while the previous day low was 0.8618. The daily 38.2% Fib levels comes at 0.8638, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.865, expected to provide resistance.

The EUR/GBP cross struggles to gain and remains on the defensive above the 0.8600 mark in the Asian session on Monday. Market players await the Eurozone Gross Domestic Product (GDP) Q2 due on Wednesday. The growth numbers are expected to remain at 0.6% and 0.5% on a yearly and monthly basis, respectively.

The European Central Bank’s (ECB) monthly Economic Bulletin revealed last week that the Eurozone’s inflation is still predicted to be too high for too long, and the prospects for economic growth and inflation are still uncertain. According to the Reuters poll, the target inflation rate of 2.0% will not be reached until at least 2025, and more than 90% of economists surveyed anticipate no rate cuts before the second quarter of 2024.

On the UK front, the UK National Statistics reported on Friday that the UK Gross Domestic Product (GDP) grew unexpectedly by 0.5% MoM in June, versus market consensus of 0.2% and a 0.1% decline in the previous month. Additionally, UK Industrial Production rose 1.8% on a monthly basis in June, above the expectation of a 0.1% increase and a 0.6% drop prior. Lastly, Manufacturing Output came in at 2.4% m/m, better than expected of 0.2% and 0.1% drop in the previous reading.

The upbeat economic data in the United Kingdom increases the likelihood that the Bank of England (BoE) will hike the additional interest rate. As the UK economy is fragile and the interest rate is at a 15-year high of 5.25%, market participants are cautious about the BoE’s move. The aggressive monetary policy could negatively affect the British economy. However, the UK inflation data and wage data will provide clues for the BoE’s next meeting decision.

Moving on, the Eurozone Gross Domestic Product (GDP) Q2 and Harmonized Index of Consumer Prices for July will be released later this week. On the UK docket, the UK Claimant Count Change for July, Consumer Price Index (CPI), and Retail Sales MoM will be due. The data will be critical for determining a clear movement for the EUR/GBP cross.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8626 at the time of writing. Pair opened at 0.8625 and is trading with a change of 0.01 % .

The pair is trading above its 20 Daily moving average @ 0.8611, above its 50 Daily moving average @ 0.8588 , below its 100 Daily moving average @ 0.8669 and below its 200 Daily moving average @ 0.8724

The previous day high was 0.8669 while the previous day low was 0.8618. The daily 38.2% Fib levels comes at 0.8638, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.865, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.8606, 0.8587, 0.8555
• Pivot resistance is noted at 0.8657, 0.8688, 0.8707

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...