Temporary Selling Pressure on EURGBP Following UK's GDP Data
EURGBP fell earlier today following the release of the UK's weaker-than-expected GDP growth rate numbers for Q3. The price action is currently probing the major support level at 0.84850, underpinned by the 300-day MA (in purple). At the same time, it appears to be developing a bearish 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory.
If the price action manages to penetrate below the 300-day MA, its next likely target would be the previous swing low at 0.84200. Conversely, a rebound from 0.84850 could be followed by a throwback to the 38.2 per cent Fibonacci retracement level at 0.85166.
If the price action manages to penetrate below the 300-day MA, its next likely target would be the previous swing low at 0.84200. Conversely, a rebound from 0.84850 could be followed by a throwback to the 38.2 per cent Fibonacci retracement level at 0.85166.
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.