Heads up: EUR/GBP signal doing well – UK’s manufacturing PMI up next!
Arslan Butt • 1 min read
What’s up, traders.
Just a couple of hours ago, we opened a forex trading signal to sell EUR/GBP to target quick 30 pips. The signal seems to do well and the credit goes to the German Retail Sales m/m which disappointed the market with -0.1% vs. the forecast of 0.4%. Consequently, traders are taking sell positions in the Euro, considering a dip in retail sales to be a threat to European economic growth.
On the hourly chart, the EUR/GBP has formed a descending triangle which is supporting the pair above 0.8875, while the resistance prevails at 0.8905. Interestingly, the 20 and 50 periods EMA has a bearish crossover which is another selling signal.
The violation of 0.8875 can help EUR/GBP target our take profit level of 0.8875. The ball is in the court of UK’s Manufacturing PMI and better than expected data will do the trick for us. Good luck!