The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
EUR/GBP is tired of corridors
2019-11-11 • Updated
On the daily chart, EUR/GBP has been stuck in the 0.87-0.9015 range for the last 6 months within the senior “Spike and ledge”. Since the end of April, it’s forming a junior “Spike and ledge” pattern on the basis of 1-2-3 in the 0.87-0.8835 range. Only if the pair leaves this range, it will find further direction.
On the daily chart, EUR/GBP bears managed to return the pair inside the 0.87-0.8835 range. If it’s breached, the pair will trigger the “Widening wedge”.
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