EUR/GBP: Weekly Analysis for UK Forex Trading
EURGBP – At the press conference held after European Central Bank’s decision to leave interest rates unchanged, ECB President Mario Draghi declared that the bank’s outlook of the economy and the current risks affected its decision, it’s also expected that ECB will set interest rates at low levels for an extended period of time.
Draghi stated that ECB would keep its massive stimulus program unchanged and may be increased or extended if necessary, as loose monetary policies are designed and required to boost inflation.
The crude oil prices moved up and drove the inflation to the same direction which is expected to reach 2% within the upcoming months, while the ECB board members’ expectations indicate that inflation will rise 1.6% in 2018, earlier estimates were 1.5%, it’s also projected that inflation will rise 1.7% in 2017, earlier estimates were 1.3%.
Mario Darghi also emphasized that it’s required to coordinate with the other polices to support the economy; ECB board members expect growth of 1.8% in 2017.
ECB’s interest rate decision released at 12:45 GMT, at its second meeting held in 2017, the bank kept interest rate unchanged at 0.00% the same as the pervious reading, which met the expectations at 0.00%.
Technical Analysis of EURGBP 10 March
EURGBP trades at 0.8700 , where currency pair reach Fibo retracement 38 as appears on chart.
EURGBP trades over Moving Average line , MACD and Stochastic Oscillator appears positive bullish signals on 4 hours frame
So , it’s expected price reach to 0.8740 in next target
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