The Great British Pound, Danish Krone (GBP/DKK) fell to its lowest level on Monday 27th July which marked the bottom for July ‘20 ahead of Denmark’s retail sales figures for June, which rose from 5.2% to 6.6%. Despite this the Danish Krone weakened against the pound throughout the remainder of last week and is now testing twin monthly and weekly resistance at (1).
Danish Krone (DKK) traders are becoming more optimistic about Denmark's economic recovery as the Nordic country prepares to further ease coronavirus restrictions which could lead to growth in their economy. But as of now, DKK traders have remained cautious.
Pound investors enjoyed a solid week of gains last week as the pound rallied against most of its peers, although they still have the Brexit woes thorn in their side which is causing them to be hesitant, any signs of a consensus between the UK and the EU should give the GBP a boost.
GBP/DKK is currently being supported by its 50 period daily moving average, whilst strong twin resistance is looming overhead (1). Watch for weakness at these current levels 8.2652, as short term pound traders take profit from last week's efforts. Following any shallow pullbacks, a clean break above resistance at (1) will keep last week's uptrend intact whilst sending a positive message to GBP/DKK bulls.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.