UK already in recession? EUR/GBP to further advance higher?
Daily Insight
UK already 3 months deep into recession; EUR/GBP to hold recent gains?
Latest GDP data from the UK indicated that the UK fell deeper into a recession during the last 3 months while year on year GDP fell -52.5%
TECHNICAL COMMENTARY
EUR / GBP : the EUR has gained +4.5% against the GBP year to date and +1.3% during the last 30 days
Current price seems to be holding onto recent gains made over the last 5 trading sessions; the break above the its 50 day moving average at 0.8660 could be seen as keeping further upside prospects intact; key resistance spotted near 0.8830 (November 9th high) which if cleared places the 0.8970s in sight ( 38.2% retracement from the 13 week high), downside risk seen near 0.8660 (see chart ).
Not investment advice. Past performance is not indicative of future results.
UK already 3 months deep into recession; EUR/GBP to hold recent gains?
Latest GDP data from the UK indicated that the UK fell deeper into a recession during the last 3 months while year on year GDP fell -52.5%
TECHNICAL COMMENTARY
EUR / GBP : the EUR has gained +4.5% against the GBP year to date and +1.3% during the last 30 days
Current price seems to be holding onto recent gains made over the last 5 trading sessions; the break above the its 50 day moving average at 0.8660 could be seen as keeping further upside prospects intact; key resistance spotted near 0.8830 (November 9th high) which if cleared places the 0.8970s in sight ( 38.2% retracement from the 13 week high), downside risk seen near 0.8660 (see chart ).
Not investment advice. Past performance is not indicative of future results.