We can see on the 4HR that EURGBP has started a new strong accumulation phase with series of HL & HH. We will want to be involved in this institution buys when price pulls back into 0.83200 Areas, and hold this trade into 0.85000 if not more. RR on this trade is 1:6.8RR.
Fundamentals:
GBP: Retail sales in the UK dropped 1.4% mom in March of 2022, following an upwardly revised 0.5% fall in February and much worse than market forecasts of a 0.3% decline, as affordability starts to weigh and consumers spend less due to rising prices.
EUR:In Europe, the case for rate hikes as soon as July gained support following several hawkish comments from ECB officials, most recently Luis de Guindos. Meanwhile, caution prevailed ahead of the second round of the French presidential elections this Sunday, with incumbent Macron leading polls.
Fundamentals:
GBP: Retail sales in the UK dropped 1.4% mom in March of 2022, following an upwardly revised 0.5% fall in February and much worse than market forecasts of a 0.3% decline, as affordability starts to weigh and consumers spend less due to rising prices.
EUR:In Europe, the case for rate hikes as soon as July gained support following several hawkish comments from ECB officials, most recently Luis de Guindos. Meanwhile, caution prevailed ahead of the second round of the French presidential elections this Sunday, with incumbent Macron leading polls.
