The EUR/GBP cross trades in positive territory for the third consecutive day around 0.8435 during the Asian session on Friday.
EUR/GBP strengthens 0.8435 in Friday’s Asian session. The cross keeps the bearish vibe below the 100-period EMA, but RSI indicator shows further upside cannot be ruled out. The immediate resistance level emerges at 0.8440; 0.8417 acts as an initial support level. The Eurozone Gross Domestic Product for the second quarter will be closely watched, which is estimated to grow 0.3% QoQ and 0.6% YoY in the second quarter .
g Q2 of 2023 vs Q1 of 2023, or to the same period in the previous year, e.g Q2 of 2023 vs Q2 of 2022. Annualized quarterly GDP figures extrapolate the growth rate of the quarter as if it were constant for the rest of the year. These can be misleading, however, if temporary shocks impact growth in one quarter but are unlikely to last all year – such as happened in the first quarter of 2020 at the outbreak of the covid pandemic, when growth plummeted.
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