EURGBP gained momentum after weak UK GDP data. It hit a high of 0.84438 at the time of writing and is currently trading around 0.84406.
UK economic growth stagnated at 0% in July for the second consecutive month. It came below expectations of 0.20%
Technicals-
Intraday trend is neutral.
The pair trades below 34- and above 55 EMA in the 1-hour chart.
The near-term resistance is around 0.8450, a breach above targets of 0.84864. Any close above 0.84865 confirms bearish trend was completed at 0.8400, a jump to 0.8540 is possible. The immediate support is at 0.8420, any violation below will drag the pair to 0.83830 (Jul 17th, 2024). Any close below 0.83830 confirms the resumption of a major downtrend, a dip to 0.8330/$0.82550 is possible.
Indicator (hourly chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Neutral
It is good to buy on dips around 0.8440 with SL around 0.8400 for a TP of 0.8485.
