Downward pressure on EURGBP
GBP spikes again on the latest positive Brexit headlines. EUR’s chief negotiator Barnier said agreement possible early November.
UK macroeconomic news support GBP. The GDP MoM growth rate was 0.3% in May 2018, 0.1% in June and 0.3% in July.
Today’s UK employment data is likely to provide a larger clue for EURGBP.
The cross EURGBP has hit a fresh 2018 high in end of the August led by no-Brexit pricing but rejected at the 61.8 fib reaction of 0.9598-0.8300. Turning to the technical picture, the daily studies RSI is below 50.00, and the oscillator is remaining bearish. Moreover, the cross has lost both its 20 and 50MAs and currently trading tad above 100EA.
The crucial, pivotal level, which will act as crucial support, is placed at 0.8890. Below here, the focus will move down to 0.8860 its 50.0% fib reaction, followed by 0.8850 it’s 20MA (Weekly) and 0.8830 its 200MA. Fresh catalyst (Today’s UK employment data and ECB meeting, Thu) needed to forecast further retracement to 0.8800 and 0.8730.
The shift in the 4hr chart indicates rallies to resistance at 0.8940/0.8960, 0.9000 and 0.9030 should attract selling interest.
UK macroeconomic news support GBP. The GDP MoM growth rate was 0.3% in May 2018, 0.1% in June and 0.3% in July.
Today’s UK employment data is likely to provide a larger clue for EURGBP.
The cross EURGBP has hit a fresh 2018 high in end of the August led by no-Brexit pricing but rejected at the 61.8 fib reaction of 0.9598-0.8300. Turning to the technical picture, the daily studies RSI is below 50.00, and the oscillator is remaining bearish. Moreover, the cross has lost both its 20 and 50MAs and currently trading tad above 100EA.
The crucial, pivotal level, which will act as crucial support, is placed at 0.8890. Below here, the focus will move down to 0.8860 its 50.0% fib reaction, followed by 0.8850 it’s 20MA (Weekly) and 0.8830 its 200MA. Fresh catalyst (Today’s UK employment data and ECB meeting, Thu) needed to forecast further retracement to 0.8800 and 0.8730.
The shift in the 4hr chart indicates rallies to resistance at 0.8940/0.8960, 0.9000 and 0.9030 should attract selling interest.
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