KeytoMarkets

EURGBP: GDP is the catalyst

FX:EURGBP   Euro / British Pound
The euro cross has been consolidating effectively between 0.8800-0.8900 levels. The weekly resistances are seemed at 0.8900/0.8920 above this 0.8970 exists. While remains below the weekly supply zone , we foresee a downside risk to re-test the support levels 0.8800 and 0.8760. Flipside side, well settle above 0.8970-0.9000 could rally further to 0.9050/0.9070.
Nothing that, the 50.0% of the fib reaction (0.9599-0.8300 correction) seems to be at 0.8950, and the descending trendline coincides at 0.8920. Overall, between 0.8920-0.8950 we could expect stiff resistance in the week ahead.

Away for the Brexit, GDP reading is the catalyst for time being. Recent better than expected PMI survey data (Services PMI) push the August BOE rate hike probability to nearly 80.00%.

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