Heads up: EUR/GBP signal doing well – UK’s manufacturing PMI up next! - Forex News by FX Leaders

Heads up: EUR/GBP signal doing well – UK’s manufacturing PMI up next!

Posted Monday, October 1, 2018 by
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.

Technical Outlook

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!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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