EURGBP Forecast And Technical Analysis July 8th

EURGBP Forecast And Technical Analysis July 8th

Fundamental Forecast:

Brexit Uncertainties and unpromising macroeconomic figures of Eurozone drive the pair.

At Britain, the frontrunner to the UK Prime Minister’s (PM) race Boris Johnson continues holding its pledge to crash out of October 31 be it with deal or without, indicating brighter chances of a hard Brexit as the EU has already stated its no readiness to discuss the Brexit deal again.

On the other side, the latest Germany Factory orders data showed that the slowdown in Eurozone is not temporary.

Today, German Industrial Production and Sentix Investor Confidence will be released.

Technically:

The pair is trading at 0.89617 well above all main moving averages as of writing.

On the H4 Chart, the pair is testing EMA50 Support 0.89550.

Bollinger Bands readings indicate 30-40 pips drop intraday.

Ichimoku Readings H4 Chart is still bullish, however, the price is testing the cloud’s ceiling. Senkou Span A resides in 0.89520. If the price could break and enter the cloud, we may see an intraday pullback toward the cloud lower border.

A worse than expected Germany Data may trigger the bearish move.

Downside targets of the pair: 0.89410 0.89220

We see a bullish retracement pattern and I will publish it for the members.

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

EURGBP: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility