KeytoMarkets

EURGBP: Make or break

FX:EURGBP   Euro / British Pound
Since early May the technical picture remains in a well-defined range between 0.8695-0.8850. Forthcoming UK data release likely to have an impact on the GBP, especially GDP reading. Looking over the coming weeks, we believe the official data prints will pave the way to the Q3 rate hike.
A move above 0.8850 resistance trendline could open further short-term rally to 0.8900 flips side, a breach below May 29 low 0.8700, could confirm the 140 pips distribution pattern.

Succinct preview: The final release of the 1Q UK GDP also expected to revise higher to 2.3%. A higher revision of UK GDP could boost the August rate hike odds.

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