Daily Market Analysis 07.06.2023: EURGBP

Instrument: EURGBP

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 0.86109 with take profit at 0.86200
Bearish Preference: 
Sell position is envisaged if price trades below 0.85991 with take profit at  0.85870
No major fundamental

In Europe, German industrial production rose just 0.3% on the month in April, an improvement from the previous month’s revised 2.1% slump, as Europe’s largest economy attempts to recover from its winter recession. There are a number of ECB officials speaking Wednesday, and investors will be looking for further guidance ahead of next week’s policy-setting meeting of the European Central Bank. The eurozone’s central bank is widely seen as continuing its rate-hiking cycle, with President Christine Lagarde cementing expectations by stating that it was too early to call a peak in core inflation despite “signs of moderation”.

Analysis: SCRUM Team

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