The cross-currency pair EUR/GBP traded bullish, adding its moderate gains throughout the early European session. It’s been trading at 0.9113 level, consolidating with a narrow trading range of 0.9130 – 0.9085.
The shared currency Euro was underpinned by the series of medium impacted data that came out in favor of the European economy. Yes, I’m referring to the Eurozone upbeat PMI prints. The preliminary announcement recorded that the German manufacturing area reverted to development in July, and the measure jumped to a 19-month high mark of 50.0. Appending to this, the Eurozone Manufacturing PMI grew to 51.1, and the Services PMI soared to 55.1 in July.
On the flip side, the Sterling fought to obtain any significant traction despite Friday’s stronger UK macroeconomic event. The United Kingdom’s monthly retail sales developed to register a surge of +13.9% for June as versus +8.0% forecasted and +12.0% beforehand. The core retail sales held at +13.5% MoM as versus to +7.5% forecasted and +10.2% previous one.
The EUR/GBP pair is consolidating in a narrow trading range of 0.9128 level to 0.9085 level. The upward trendline supports the pair at 0.9085 on the hourly timeframe, and it may cause a bounce off in the EUR/GBP pair later today. Simultaneously, the 50 periods EMA is also supporting the bullish bias in the EUR/GBP pair. But lately, the MACD and RSI figures are entering into the selling bias. Therefore, we need to be very careful with 0.9084 level as a violation of this could trigger sharp selling until 0.9056. Check out a trading plan below…
Entry Price – Buy 0.9124
Stop Loss – 0.9084
Take Profit – 0.9164
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
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