FxWirePro: EUR/GBP slips below 0.76 handle, focus on UK GDP data
EUR/GBP trades below the 0.76 handle ahead of UK Q1 GDP data, renewed buying interest seen in GBP. A surprisingly upbeat data would act as a catalyst to boost demand from the British Pound. Technicals are highly bearish,…
EUR/GBP trades below the 0.76 handle ahead of UK Q1 GDP data, renewed buying interest seen in GBP.
A surprisingly upbeat data would act as a catalyst to boost demand from the British Pound.
Technicals are highly bearish, EUR/GBP on track to test 200-DMA at 0.7519. Break below 200-DMA will drag the pair to 0.7415 (61.8% Fib of Nov to April rise).
Focus mainly on UK’s GDP figures for the Q1 due later in the EU session, expectations are for GDP at 2.1% on an annualized basis and 0.4% Q/Q.
Immediate resistance is seen at 0.7625 (trendline support turned resistance) and support is seen by 0.7565 (May 25th lows).
Recommendation: Sell rallies around 0.76 levels, SL: 0.7555, TP: 0.7565,0.7525
