FxWirePro: EUR/GBP trades tight range, focus on UK Q1 GDP data
EUR/GBP under pressure trades a tight range into the European open. Markets awaiting fresh incentives from the first estimate of UK Q1 GDP figures. Expectation is for the GDP growth rate to have slow to 0.4% in Q1 2016, …
EUR/GBP under pressure trades a tight range into the European open. Markets awaiting fresh incentives from the first estimate of UK Q1 GDP figures.
Expectation is for the GDP growth rate to have slow to 0.4% in Q1 2016, down from 0.6% seen in the last quarter of 2015, on the back of global headwinds and looming Brexit concerns.
Traders also wary ahead of the crucial central bank events due later this week – FOMC and BOJ policy outcomes.
Immediate resistance is located at 0.7786 (cloud top), while support is seen at 0.7750 (April 25th lows).
Momentum with the bears, RSI weak at 36, breaks below the 0.77 handle could accentuate weakness.
Weekly chart have a heavily bearish tilt. Doji formed on this weeks candle till now. Stochs, RSI and MACD confirm downside.
