EURGBP Analysis
EURGBP has formed a Descending Triangle pattern in the 4-hour timeframe chart.
Wait for the confirmation of breakout from this descending triangle.
Great Britain Pound (GBP)
UK GDP came in -1.7% from the Previous 1% as lockdown increases on Coronavirus pandemic and GDP Year over year Analysis also came at -9.2% from -6.5% previous reading.
GBPUSD fell after the GDP news flashed.
And Overall, GDP slightly contracted than expected affect GBP prices more.
EURO & US Economy
Euro remains lower as vaccinations progression is slow, and the domestic data faces more pressure as lower readings.
And US Biden signed the stimulus package of $1.9 trillion last day; this makes US Dollar sure for the stronger move and by the May 1st every American should complete 1st dose of vaccine as it’s a target for Biden Presidency.
Rising Bond yields may get Profit booked by selling Bonds, and ECB is ready to purchase the assets that lent to people. This will impact Euro more.
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