EUR/GBP: 0.90 handle on the cards?
|Currently, EUR/GBP is trading at 0.8936, up 0.01% on the day, having posted a daily high at 0.8962 and low at 0.8927.
EUR/USD still bullish, still targets 1.17 and above – UOB
EUR/GBP is consolidating within a wide range on the 0.89 handle. The pound is struggling to break through 1.3080 and gain any traction through the 1.31 handle exposing the cross to the upside considering the euro's relentless progress since the 13th July's recovery. Fundamentally, eyes are on the UK's GDP data and in respect to the UK's outlook, Kit Juckes, an economist at Societe Generale says, "Grim about sums it up." The economy's still slowing and this week's GDP data will probably take annual growth down to 1.6% as the quarterly bounce disappoints, Juckes explained.
EUR/GBP levels
"Analysts at Commerzbank noted that EUR/GBP near term has reached its Fibo resistance. "EUR/GBP finished the week by touching the 61.8% retracement of the move down from the October 2016 spike high – this is located circa 0.8987 and we would not be at all surprised to see the market consolidate below here ahead of any further strength towards 0.9059, the highs from mid October 2016," added the analysts.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.