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Market Analysis

Home » Technical Analysis » Daily » EURGBP – Can Euro Bounce Back Versus British Pound?

EURGBP – Can Euro Bounce Back Versus British Pound?

Posted by FXTimes in Daily - August 4th, 2016 9:57 am GMT

euro eurusd euraud

Key Points

  • The Euro came crashing against the British Pound recently and traded as low as 0.8350.
  • Somehow, the EURGBP pair managed to recover and broke a bearish trend line formed on the hourly chart.
  • Later in a few hours, the BOE interest rate decision will be released, which could impact the pair moving ahead.
  • Greece Unemployment Rate released by the National Statistics Service posted a rate of 23.5%.

Technical Analysis

The Euro nosedived recently versus the British Pound and traded as low as 0.8350 where it found buyers for a recovery. The EURGBP pair is currently moving higher, and also cleared a bearish trend line formed on the hourly chart.

EURGBP

The pair at this moment finding sellers around the 23.6% fib retracement level of the last decline from the 0.8492 high to 0.8349 low.

Buying dips may be favored as long as the pair stays above the last low of 0.8349.

Greece Unemployment Rate

Earlier today during the London session, Greece Unemployment Rate, which is the number of unemployed workers compared to all the active workers in the economy was released by the National Statistics Service.

The market was not expecting any change in the Greece Unemployment Rate. However, the last rate was revised up from 23.3% to 23.5%, and May’s rate also came in at 23.5%. The report stated that the “seasonally adjusted unemployment rate in May 2016 was 23.5% compared to 25.0% in May 2015 and the upward revised 23.5% in April 2016. The number of employed amounted to 3,653,788 persons. The number of unemployed amounted to 1,123,496 while the number of inactive to 3,274,393“.

The Euro seems to be recovering against the British Pound, but the BOE interest rate decision later today may spoil its rally in the near term.

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