EUR/GBP ahead German GDP Q2: Will we see corrective rebounds?
Today at 06:00 GMT will be released the German GDP Q2, where the markets are expecting an unchanged number from Q1 2016 data. This should bring some medium to high volatility during the early European session, especially on the EUR pairs and in case that we should see a higher-than-expected number, but for now, the chances are still low to that happen in coming release.
Our technical outlook for EUR/GBP at H1 chart is calling for more downside, but before any declines, we should see some corrective moves to the upside, as the pair is near to the lower band of bearish trend line channel. Around that, a rebound can happen towards the 0.8650 on a first degree. However, if bears gain momentum in coming days, the EUR/GBP can test the 61.8% Fibonacci retracement zone at the 0.8488 level.