EUR/GBP: A move beyond 0.8660 could trigger a bounce towards 0.8690/0.8725 – SocGen EURGBP Technical Analysis Banks
Defending 0.8550 can lead to continuation in phase of rebound
The recent low of 0.8550 is important support. Defending this can lead to continuation in the phase of rebound. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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EUR/GBP Retakes 0.8600, Struggles to Capitalize on RecoveryThe EUR/GBP cross has rebounded from a one-week low and reclaimed the 0.8600 level. However, caution is advised due to mixed fundamentals and a bleak outlook for the UK economy, which is causing some short-covering around the EUR/GBP cross.
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EUR/GBP to remain rangebound until UK GDP data on FridayEconomists at Société Générale analyze GBP outlook ahead of UK GDP data for the second quarter due on Friday. GBP seasonality is bearish Q2 UK GDP and US CPI will decide if the recovery in GBP/USD has legs this week. EUR/GBP should remain rangebound between 0.8550 and 0.8655 until GDP data is published on Friday. Sterling seasonality is bearish. We forecast Q1 GDP growth of 0.1% QoQ (0.3% YoY), the same as Q1, thanks to a rebound in June GDP growth of 0.
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EUR/GBP can climb back to 0.87-0.88 – INGEconomists at ING analyze the GBP outlook and predict that EUR/GBP can climb back to 0.87-0.88. Pound's beta-to-risk sentiment is expected to remain elevated for now.
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EUR/GBP Consolidates as Investors Await UK GDPThe EUR/GBP pair is trading in a narrow range around 0.8620 as investors anticipate the release of UK GDP Q2. The growth rate is expected to increase by 0.2% on a yearly basis. Additionally, the German Harmonized Index of Consumer Price (HICP) came in at 6.5%, in line with market expectations. Eurozone Sentix Investor Confidence also improved from -22.5 in July to -18 earlier this week.
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EUR/GBP drops sharply despite BoE’s tight policy impacts labor marketThe EUR/GBP pair weakens after the upside momentum fades. The cross declines towards the round-level support of 0.8600 as the Bank of England (BoE) le
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