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EURGBP analysis - Pair climbs slightly higher to 0.0.9100

EURGBP analysis - Pair climbs slightly higher to 0.0.9100

The EURGBP pair moved slightly higher in overnight trading. The pair moved from a low of 0.9027 and reached an intraday high of 0.0.9100.

27 August 2019, OctaFX – Investors will focus on Europe, where a number of countries will release important economic data. Germany will release the second preliminary reading of the second-quarter growth. Investors expect the data to show that the economy expanded by an annualized rate of 0.4%. This will be lower than the previously-released 0.7%.

On a QoQ basis, the economy is expected to have shrunk by -0.1%, which will be lower than the expected 0.4%. In France, investors will receive the consumer and business confidence data for August and from Sweden, they will receive the PPI and trade data.

EURGBP technical analysis

On the four-hour chart, the price is slightly below the 50% Fibonacci Retracement level while the RSI has moved from the oversold level of 24 to the current 46. The pair will likely move to the 50% Fibonacci level of 0.9100 and then resume the downward trend.

Disclaimer

This article was provided by OctaFX. It should NOT 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.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.