Ahead of the Brexit scheduled events including 18 September General Affairs Council, 20 September informal EU summit and the 30 September-3 October Conservative party conference, the cross likely to swing on the headlines.
We expect this week’ macroeconomic is unlikely to support the GBP. Hence, EURGBP’s weekly outlook remains neutral; a cluster of support zone finds between 0.8850-0.8830 its 200MA. Fresh catalyst needed to forecast further retracement to 0.8800 and 0.8730.
Before retracing to 0.8870 this morning, the cross traced out near-term price top at 0.8840 via the formation of a triple top pattern. The RSI study has been propelling down, and the oscillator is remaining bearish. Under these conditions, a move above 0.8940-0.8940 seems difficult.
Note that only a return above 0.8960 would ease downside pressures.
We expect this week’ macroeconomic is unlikely to support the GBP. Hence, EURGBP’s weekly outlook remains neutral; a cluster of support zone finds between 0.8850-0.8830 its 200MA. Fresh catalyst needed to forecast further retracement to 0.8800 and 0.8730.
Before retracing to 0.8870 this morning, the cross traced out near-term price top at 0.8840 via the formation of a triple top pattern. The RSI study has been propelling down, and the oscillator is remaining bearish. Under these conditions, a move above 0.8940-0.8940 seems difficult.
Note that only a return above 0.8960 would ease downside pressures.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.