📢 Signal#:34 | EUR/GBP Short | 11:41:32 (UTC) Mon Aug 23, 2021
It was announced today that statistics from the purchasing managers' index (PMI) had been released, and although the most of the values were lower than anticipated, they indicate that the economic recovery remained at its incredible pace in August. As a start, the manufacturing index in France came in at 57.3, which was in line with predictions (albeit it was down from 58), while the services index came in at 56.4, which was lower than the 57 forecast, and the composite index came in at 56.4, which was lower than the 57 estimate.
Germany was the third country to report after the United States and Germany, and although the services print came in higher than anticipated (61.5 vs. 61 forecasts), the country experienced a decrease from the previous month. The purchasing managers' index (PMI) for manufacturing dropped to 62.7 in March, down from 65.9 in February, according to the Institute for Supply Management (ISM) (65 assumptions). Given that Germany is the biggest exporter in the Eurozone, this is the first time the index has dropped below 60 since February of this year, and it is a sign that worries about decreasing demand and growth may be coming true.
The figures for July were the highest recorded in two decades, indicating that business activity has been very robust during the summer months, thanks to a fast vaccination deployment that has enabled more companies to open their doors to customers. The aggregate PMIs for the Eurozone came in lower than anticipated for August, but they remain firmly in the contractionary range. In the United Kingdom, staff shortages and wage inflation have had a negative impact on prices and margins, as demonstrated by the fact that the manufacturing PMI in the country exceeded expectations, but the services PMI came in much lower than expected at 55.5 points, indicating that the services sector is suffering from a shortage of workers in the sector (59 forecasts).
Aside from that, the British Pound is gaining ground this morning, after a week of significant losses that saw the GBP/USD exchange rate plummet to a one-month low of just over 1.36 this past week. Because of the Federal Reserve's tightening monetary policy, the main resistance level for the pair will be 1.3670 in the next weeks, which will be followed by a zone of conflicting price forces between 1.3719 and 1.3802 in the following weeks. Almost likely, a break below 1.3570 (the 23.6 percent Fibonacci retracement) would result in another decline below 1.3520, which would be the lowest point of the bearish potential.
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📢 Signal#:34
🏦 OrderType: Sell
💰 OrderSize: 2.25
💱 Symbol: EURGBP 🇪🇺🇬🇧
📈 OpenPrice: 0.85877
⏰ Expiration: -/--
🎯 TakeProfit: 0.00000
🛑 StopLoss: 0.00000
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Germany was the third country to report after the United States and Germany, and although the services print came in higher than anticipated (61.5 vs. 61 forecasts), the country experienced a decrease from the previous month. The purchasing managers' index (PMI) for manufacturing dropped to 62.7 in March, down from 65.9 in February, according to the Institute for Supply Management (ISM) (65 assumptions). Given that Germany is the biggest exporter in the Eurozone, this is the first time the index has dropped below 60 since February of this year, and it is a sign that worries about decreasing demand and growth may be coming true.
The figures for July were the highest recorded in two decades, indicating that business activity has been very robust during the summer months, thanks to a fast vaccination deployment that has enabled more companies to open their doors to customers. The aggregate PMIs for the Eurozone came in lower than anticipated for August, but they remain firmly in the contractionary range. In the United Kingdom, staff shortages and wage inflation have had a negative impact on prices and margins, as demonstrated by the fact that the manufacturing PMI in the country exceeded expectations, but the services PMI came in much lower than expected at 55.5 points, indicating that the services sector is suffering from a shortage of workers in the sector (59 forecasts).
Aside from that, the British Pound is gaining ground this morning, after a week of significant losses that saw the GBP/USD exchange rate plummet to a one-month low of just over 1.36 this past week. Because of the Federal Reserve's tightening monetary policy, the main resistance level for the pair will be 1.3670 in the next weeks, which will be followed by a zone of conflicting price forces between 1.3719 and 1.3802 in the following weeks. Almost likely, a break below 1.3570 (the 23.6 percent Fibonacci retracement) would result in another decline below 1.3520, which would be the lowest point of the bearish potential.
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📢 Signal#:34
🏦 OrderType: Sell
💰 OrderSize: 2.25
💱 Symbol: EURGBP 🇪🇺🇬🇧
📈 OpenPrice: 0.85877
⏰ Expiration: -/--
🎯 TakeProfit: 0.00000
🛑 StopLoss: 0.00000
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