EURGBP – Expanding wedge offers a downward bias

FX:EURGBP   Euro / British Pound

Monthly – Triangle formation. Trend of lower highs at 0.9022
Daily - 261.8% and a DeMark 13
Intraday (four-hour) – Expanding Wedge has a bias to break lower

Trade Idea

We look to sell EURGBP at 0.9000
Stop 0.9025
Target 0.8830

Euro-zone retail sales declined 0.3% for May compared with consensus expectations of a small increase with the year-on-year increase at 1.3% from 1.8% previously which suggested subdued consumer demand.
ECB Council Member Rehn stated that the slowdown in no longer temporary. Further monetary stimulus is now needed until there is an improvement in economic conditions and inflation prospects if the central bank is to meet its mandate. Rehn is not one of the most dovish members on the committee and the comments reinforced expectations that the central bank would take further action to cut interest rates by September at the latest.
Sterling continued to be hampered by concerns over the growth outlook following the weak PMI data releases the week. There was also further speculation that the Bank of England would adopt a more dovish policy stance over the next few months. In relative global terms, however, the central bank stance is likely to be slightly restrictive, especially with expectations that the Federal Reserve and ECB will cut interest rates during the third quarter. Sterling will also gain some support if there are increased hopes that global monetary policy actions support the global growth outlook.
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HI IAN Fantastic analysis !! you really DO have a clue about EURGBP. Many Thanks for sharing the brilliant video.

Have a great day, God Bless!
@Mubarak-FX, thank you very much. Have a great weekend and good luck for next week
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