EUR/GBP non-volatile trend is still intact along the path towards 0.9270 resistance level. GBP has been very weak against EUR recently due to bad economic report and ECB not providing any support after the Brexit decision. Recently GBP Second Estimate GDP report was published which was unchanged as expected at 0.3% and Prelim Business Investment drastically decreased to 0.0% from the previous value of 0.6% which was expected to be at 0.2%. On the EUR side, recently Belgian NBB Business Climate report was published with a greater deficit at -2.1 from the previous figure of -1.5 which was expected to be at -1.6. Today EUR German IFO Business Climate report is going to be published which is expected to slightly decrease to 115.5 from the previous figure of 116.0 and German Final GDP is expected to be unchanged at 0.6%. To sum up, GBP is quite weak fundamentally but there is a chance of gain, If the economic reports of EUR comes worse than expected today then we might see gains on the GBP side in the coming days.
Now let us look at the technical view, the price is currently showing some bearish pressure which is expected to reach 20 EMA in the coming days before proceeding up higher towards 0.9270 resistance level. As the price remains above the 20 EMA with a daily close the bullish trend is expected to continue higher.
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