What to expect from EURGBP movements today? This 7 August EURGBP Fundamental Forecast from OctaFX analysts will provide you with necessary guidance.
7 August, OctaFX – The euro jumped against its key peers even after disappointing data from Germany. Yesterday, data from the country showed that factory orders had slumped to the lowest level since last year as impacts of the trade conflict emerged.
Today, the data showed that the country’s industrial production had slumped by minus 0.9% in June. This was a deeper drop than the expected minus 0.5% decline and the 2.4% gain in May.
In addition, the country’s trade balance was at 19.3 billion euros, which was lower than the expected 21.4 billion euros. This came as the country’s exports remained unchanged in June as imports increased by 1.2%.
7 August EURGBP Fundamental Forecast
Starting from the end of May, the EURGBP has been moving higher, with higher highs and higher lows as shown below.
The pair has moved from a low of 0.8695 and is currently trading at 0.8945. It is now trading above the 100 and 50-day Exponential Moving Averages.
The Average Directional Index is at 34 and the pair is trading above the important support shown below. In the short term, traders should keep a watch on the important resistance level of 0.8955.
This article about 7 August EURGBP Fundamental Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.