EUR / GBP is in a range below 0.8400

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  • EUR / GBP has remained in a range on Monday within the parameters of 0.8380-0.8400ish with the market’s attention predominantly elsewhere.
  • But things will heat up from Tuesday with the release of the UK and Eurozone flash PMIs.

Forex market attention has been largely focused on the USD crosses on Monday, amid a broad strengthening of the dollar in the wake of Jerome Powell’s reappointment as Fed chairman, spurring a reduction in moderate bets from “Brainard”. As a result, the pair EUR/GBP It hasn’t received much love or attention and has seen rather dull trading conditions, with the pair hovering between its 21-month lows at a little above 0.8380 and the 0.8400 level.

next week

Things will almost certainly get more interesting and volumes will increase as the week progresses. The Eurozone Flash Surveys and the UK Markit PMI for November will be released early Tuesday during the European trading session. The former will be of particular interest in the context of the recent rise in Covid-19 infections in the euro zone, which have now resulted in a tightening of sanitary restrictions. Traders will want to see how this affects the service sector vulnerable to restrictions. A deterioration is expected after a deterioration was noted in the November preliminary euro zone consumer sentiment survey released on Monday.

Members of the BoE will also be in the limelight this week, with Monetary Policy Committee (MPC) member Jonathon Haskel speaking on Tuesday, MPC member Silvana Tenreyro on Wednesday, and then Haskel and Bailey again on Thursday. Several ECB lawmakers will also come out of the carpentry, including President Christine Lagarde, who will speak Thursday and Friday.

Technical levels

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