EURGBP saw its rally hinged at the resistance area of a descending channel after the latest GDP report saw the UK economy expand. Details of the report show the UK economy grew about 0.2% in the last quarter, beating estimated and improving from the previous quarter at 0.1%. This was accompanied by the monthly GDP report which crushed estimates with growth of 0.5% in June 2023.
Over to the chart, the EURGBP is clearly in a bearish trend with the latest price action indicating the retracement might have ended after the price came in contact with the resistance area of the descending channel.
Over to the chart, the EURGBP is clearly in a bearish trend with the latest price action indicating the retracement might have ended after the price came in contact with the resistance area of the descending channel.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.