The EUR/GBP is backsliding into 0.8660 as Pound Sterling sees a Friday rebound.
EU Retail Sales, UK GDP on the back half of next week’s economic calendar.
GBP the big winner for Friday.
The EUR/GBP is skidding towards 0.8660 as the market heads into the closing bell for the week, and the Pound Sterling (GBP) recovery from recent months-long lows is taking the EUR/GBP down into bids not seen in almost three weeks.
The Euro (EUR) traded mostly flat against the Pound Sterling in a rough range this week before a broad-market sentiment recovery on the back of a missed US Nonfarm Payrolls (NFP) report sparked risk appetite for investors heading into the eleventh hour.
GBP set for a repeat volatility surge next Friday, UK GDP in the pipe
The back half of next week sees top-tier data for both the EU and the UK, with EU Retail Sales on Wednesday and UK Gross Domestic Product (GDP) figures on the docket for next Friday.
EU Retail Sales are currently expected to decline further for the year into September, forecast at -3.1% compared to the previous -2.1%, while UK GDP is expected to soften for the 3rd quarter, forecast to print at -0.1% compared to the previous quarter’s 0.2%.
EUR/GBP Technical Outlook
The EUR/GBP’s Friday softening sees the pair tumbling directly towards 0.8660, running into a rising trendline from mid-August’s low just beneath 0.8500.
The pair has slipped away from long-term median prices, declining from the 200-day Simple Moving Average (SMA) which is currently drifting lower from the 0.8700 handle.
Near-term technical support for the EUR/GBP sits at the 50-day SMA leaning bullish from the 0.8640 level, and investors will want to keep an eye out for any wobbling in the pair’s bids as prices battle it out for a clean break of the bullish trendline.
EUR/GBP Daily Chart
EUR/GBP Technical Levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management.
Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FXStreet – https://www.fxstreet.com/news/eur-gbp-tumbles-to-half-month-low-as-pound-sterling-recovers-202311032009
