- 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
|Latest price today||0.8715|
|Today I change daily||-0.0025|
|Today’s daily variation||-0.29|
|Today’s daily opening||0.874|
|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
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.