EURGBP Analysis
EURGBP broke the descending channel
EURGBP Update
EURGBP is consolidating at the broken Retest area, which leads to the SL price. However, EURGBP still have chances to rebound from the broken the Retest area.
Reason: Due to the release of more economic news mentioned below, the market is not making technical movements at this time.
Why GBP is Stronger
Bank of England Rate Decision: Anticipation of the BoE’s rate decision is causing market fluctuations, with potential for GBP strength if there’s a more cautious stance on future rate cuts.
US Presidential Election Impact: The election outcome, particularly a Trump victory, is strengthening the USD, indirectly supporting GBP while pressuring EUR.
UK Economic Resilience: Fiscal stimulus measures and resilience in the UK economy are boosting investor confidence, favoring the GBP over the EUR.
Why EUR is Weaker
Divergent Policies: The ECB’s cautious rate hikes make the euro less attractive than currencies with higher rates.
Energy Dependence: Europe’s reliance on costly, volatile energy sources weakens economic stability and the euro.
Slower Growth: The eurozone’s slower growth compared to other economies lowers investor confidence in the euro.
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