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

On the hourly chart, the EUR/GBP has formed a descending triangle which is supporting the pair above 0.8875, while the resistance prevails..


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!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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