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Instrument: EURGBP
Technical Analysis
Bullish Preference:
buy position is envisaged if the price trades above 0.87047 with take profit at 0.87078
Bearish Preference:
sell position is envisaged if the price trades below 0.86948 with take profit at 0.86914
Fundamentals:
8:15AM French Flash Manufacturing PMI
French Flash Services PMI
8:15AM German Flash Manufacturing PMI
8:30 AM German Flash Services PMI
9:30 AM Flash Manufacturing PMI
9:30 AM Flash Services PMI
10:15 AM Monetary Policy Report Hearings
Comment:
Tuesday is an important day for PMIs releases, as it will offer the first glimpse of global economic activity during May. The Net Borrowing released by the National Statistics captures the amount of new debt the U.K. government holds (the financial deficit in the UK national accounts). Generally speaking, if the Net Borrowing is negative, it means the UK Accounts are in surplus, and that should be positive for the GBP. While a deficit is generally unfavorable for the economy, a Net Borrowing growth is considered negative, or bearish for the GBP. Generally, today will be a volatile day for the two pairs.
Analysis: SCRUM Team
