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.
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