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Potential EUR/GBP upside break-out? Or Not??

Jun 21, 2019 (13:11)

by John Knobel

EUR/GBP; current price 0.8944; upside seen capped at 0.908 resistance; downside spotted near 0.88 support;

European Central Bank (ECB) passiveness helping to support Recent EURO strength;
Slightly weaker UK data, global sentiment (Brexit , trade wars etc) are the main drivers for EUR/GBP;
UK macro fundamental issues are a GBP potential downside risk adding to support for the EUR against the GBP....
EUR/GBP upside potential 0.908; downside near 0.88 support

Charts

EUR/USD +80 pips higher last 5 days after the European Central Bank (ECB) President Mario Draghi gave a speech about the potential economic stimulus is on the way; statements that normally be a negative for the EURO were offset by slightly higher European inflation expectations which resulted in the EUR/USD lifting higher over the last 5 days. Current price 1.1324 with prices (Daily Chart) within the multi-month upward price channel (bullish); RSI crossed above its moving average (bullish) and current price is trading above its 4,9 and 18 period moving averages (bullish); upside potential at 1.1450 resistance; downside potential near the 1.1150 support.

Source: FXGM / Bloomberg

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