EURGBP, M15
Preliminary UK GDP results for Q2 met expectations at 0.4% q/q growth, mostly a result of lower growth due to adverse weather conditions in Q1 (0.1%).
Despite the improvement, year-to-date (YTD) GDP continues the downward trend which started following the Brexit decision.
Source: FXStreet
EURGBP appears to have regained its strength on the basis of the above-mentioned continued deterioration in UK prospects. The 15-minute chart is suggestive of a corrective movement as of the start of the trading session, with Fibonacci retracement showing an immediate Resistance point at 0.8977 (at 61.8 Fib level) and a stronger Resistance at the latest swing high of 0.8991. Immediate Support level at 0.8969 (at 50.0 Fib level) with strong Support level at 0.8961 (at 38.2 Fib level).
Click here to access the HotForex Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in:
[ujicountdown id=”Next Webinar” expire=”2018/08/14 14:00″ hide=”true” url=”” subscr=”” recurring=”” rectype=”second” repeats=””]
Dr Nektarios Michail
Market Analyst
HotForex
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
