EURGBP - BULLISH BIASEUR - BULLISH
1️⃣ Investors turned to riskier currencies amid renewed hopes of a coronavirus treatment after AstraZeneca said over the weekend it had resumed clinical trials of its COVID-19 vaccine.
2️⃣ The EU published earlier today July Industrial Production, which was up 4.1% in the month, beating expectations.
3️⃣ Investors continue to digest an upward revision to the Eurozone outlook for 2020 from the ECB and a calm approach to recent Euro strength.
4️⃣ The annual real GDP is now expected to shrink by 8% in 2020, a slight improvement from its June forecast of an 8.7% plunge, to then rebound by 5% in 2021 and by 3.2% in 2022.
GBP - BEARISH
1️⃣ Expectations of negative interest rates continued to weigh on sterling ahead of the Bank of England's policy meeting on Thursday.
2️⃣ UK's employment data expect to print negative due to ongoing job losses showed in PMIs.
3️⃣ Recent data showed the UK economy continued to recover from the coronavirus crisis in July helped by the further lifting of restrictions but at a slower pace.
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TECHNICAL
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- We are buying this pair on RBS level + Friday's low level on H1 chart.
- EURGBP in bullish zone.
