KeytoMarkets

Outlook remains neutral for EURGBP

FX:EURGBP   Euro / British Pound
Ahead of the Brexit scheduled events including 18 September General Affairs Council, 20 September informal EU summit and the 30 September-3 October Conservative party conference, the cross likely to swing on the headlines.

We expect this week’ macroeconomic is unlikely to support the GBP. Hence, EURGBP’s weekly outlook remains neutral; a cluster of support zone finds between 0.8850-0.8830 its 200MA. Fresh catalyst needed to forecast further retracement to 0.8800 and 0.8730.

Before retracing to 0.8870 this morning, the cross traced out near-term price top at 0.8840 via the formation of a triple top pattern. The RSI study has been propelling down, and the oscillator is remaining bearish . Under these conditions, a move above 0.8940-0.8940 seems difficult.

Note that only a return above 0.8960 would ease downside pressures.
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