EUR/GBP. Key event – UK GDP Report (May 26th, 11:30 GMT +3)
Soon, on the 23rd of June, there will be a referendum in the UK regarding the possibility of United Kingdom quitting the Eurozone. Before this event institutional investors keep transferring their assets into the other markets in order to avoid political and economic risks.
Actual CPI data for April was much worse than expected last week:
..and also there is a risk that the overall political and economic situation will have a negative impact on GDP growth.
This week, on the 26th of May, 11:30 GMT +3 UK GDP Report for the first quarter of 2016 will be published and it is expected that the numbers will be quite high.
This week, on the 26th of May, 11:30 GMT +3 UK GDP Report for the first quarter of 2016 will be published and it is expected that the numbers will be quite high.
If GDP results are less than expectations, British Pound will be under pressure again.
EURGBP chart:
Despite all the political and economic difficulties in the United Kingdom, a downward correction (highlighted with blue lines on the chart above) has started after a long upward trend (highlighted with orange lines on the chart above) on EURGBP D1 chart. According to the indicator of technical analysis “ADX” a new trend is starting and a downward movement prevails.
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