EUR GBP recommenced its weakness
8/26/2016 8:42:04 PM
It seems EUR/GBP has recommenced its weakness on Friday, now dropping to the 0.8540 band, or daily lows. The European cross is eroding part of Thursday’s gains as the weaker fashion around the dollar is holding the demand for both the GBP and the EUR. Nevertheless, the cross keeps the trade around 2-week lows for now, though decent support seems to have arisen around 0.8480. Next of relation in the data space will be UK’s progress GDP figures for the second quarter, with agreement expecting the economy to extend 0.6% inter-quarter and 1.1% on an annualized basis. The cross is now losing 0.08% at 0.8549 and a breakdown of 0.8483 would expose 0.8450 and ultimately 0.8340. On the other hand, the initial persistence lines up at 0.8695 followed by 0.8725 and then 0.8780.
Fundamental Analysis by