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EUR/GBP retreats towards 0.8700

  • EUR/GBP moves lower ahead of Tuesday’s data.
  • The Euro is falling after last week’s constant rise.
  • Next up: Wages and employment in the UK, employment and GDP in the EU.

The EUR/GBP pair is weakening ahead of a double day of key data for both the EU and the UK, with jobs, wages and Gross Domestic Product (GDP) figures.

The Euro (EUR) declines against the British Pound (GBP) heading into Tuesday’s session, after falling around 0.4% end-to-end on Monday.

UK average earnings for the third quarter are expected to decline slightly from 7.8% to 7.7%, while earnings including bonuses are expected to decline at a rapid pace, from 8.1% to 7.4%.

In the United Kingdom, the evolution of employment in September will also be known, which showed a loss of 82,000 jobs in the month, while the number of applicants for unemployment benefits increased by almost 20,500 in October.

As for the EU, the quarter-on-quarter employment change for the third quarter is expected to show a moderate increase of 0.2%, while the EU pan-continental GDP for the quarter is expected to show a stable reading of -0.1% .

EUR/GBP Technical Outlook

The Euro retreats against the British Pound to the 200 hourly SMA, trimming some of last week’s gains.

Monday’s pullback trims gains from the swing high at 0.8755, moving down toward the bearish side of an ascending trend line from last week’s bid lows near 0.8650.

With EUR/GBP drifting towards the near-term mid-range, bidders will wait for a downside break of the 0.8700 area before re-taking positions, while sellers will consider a cut below the same level.

EUR/GBP Hourly Chart

EUR/GBP technical levels

EUR/GBP

Overview
Latest price today 0.8715
Today I change daily -0.0025
Today’s daily variation -0.29
Today’s daily opening 0.874
Trends
daily SMA20 0.8703
daily SMA50 0.8659
SMA100 daily 0.8622
SMA200 daily 0.8689
Levels
Previous daily high 0.8756
Previous daily low 0.8716
Previous weekly high 0.8756
Previous weekly low 0.865
Previous Monthly High 0.8754
Previous monthly low 0.8616
Daily Fibonacci 38.2 0.874
Fibonacci 61.8% daily 0.8731
Daily Pivot Point S1 0.8718
Daily Pivot Point S2 0.8697
Daily Pivot Point S3 0.8679
Daily Pivot Point R1 0.8758
Daily Pivot Point R2 0.8777
Daily Pivot Point R3 0.8798

Source: Fx Street

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