EURGBP falls below the 0.90000 on Thursday as the retail sales for the month of June is released as better than expected scenario. GBP thus managed to leave behind some of the recent weakness, although the bearish picture remains well and sound as a Brexit ‘no deal’ scenario keeps gathering momentum among investors. The Latest headlines from the German Changellor Angela Markel via Reuters is that, “the German economy is in difficult phase with slower Growth and it is largely due to uncertainty in global trade”. Rising uncertainty in the UK political scenario plus rising chances of a Brexit ‘no deal’ are expected to keep the downside pressure on the Sterling well and sound for the foreseeable future. In the UK economy, poor results from key fundamentals continue to add to the sour prospects for the economy in the months to come and collaborate further with the bearish view on the currency.
In the Daily time frame, the pair has fallen inside the descending trendline, where the pair is likely to touch for the third time at the 0.90000 region. In the 4Hr time frame, EURGBP has broken the hourly ascending trendline last trading session and retested at 0.89900. The bears are expected to show up below 0.89700 leading the pair to 0.88700.
EURGBP TODAY:
Daily open: 0.89852
Daily Last high: 0.89979
Daily Last Low: 0.89675
Daily current growth: -0.19%
