Chapter 46 EURGBP back to a downtrend
22/06/2023
Summary
The Interest Rate in the UK lead the market
Fundamental analysis
Fundamentally in this pair, We see the data released today in the United Kingdom with the interest rate at 5% more than the previous month and market expectation Which gives Strength to the GBP sentiment, on the other hand, we see all the previous data has been released on the EURO is actually neutral which that gives Stable sentiment for the Euro
Eurozone ECB Main Refinancing Rate
Fcst: 4%
Act.: 4%
Eurozone HICP Final YoY
Prev.: 6.1%
Act.: 6.1%
U.K. Benchmark Interest Rate
Prev.: 4.5%
Fcst: 4.75%
Act.: 5%
Technical analysis
In this 4-hour diagram chart, the market price now is 0.85970, we expect the market to move down to the previous demand zone at 0.85200 Following the daily chart downtrend with the 20-moving average pointing down.
Trading Recommendation
Trading Direction: Short
Entry Price: 0.85816
Target Price: 0.85286
Stop Loss: 0.86202
