EUR/GBP (week of 12-16/09)

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Weekly Summary

Euro-Pound is trading around 0.8768 after ending the previous session at zero (up 0%) .

A good end to the trading week, EUR/GBP is up to 0.8768, after closing yesterday at zero. Overall, a 0% move or 8,768 pips this week. (Trade Euro-Pound with FXTM now).

Uptick comes while some more positive signs for Euro-Pound are out as data for United Kingdom Average Earnings Index +Bonus published Tuesday came out at 5.5, beating projections of 5.4 and showing improvement over the preceding figure of 5.2.

On the flip side, Retail Sales in United Kingdom fell short of market expectations (-0.5%) with a reading of -1.6%, continuing the decline from the previous figure of 0.4%. Highly important Manufacturing Production data from United Kingdom beat analyst expectations of 0.4% with a reading of 0.1%.

At the same time, Germany ZEW Economic Sentiment Index released Tuesday with a figure of -61.9, while the previous figure was -55.3. United Kingdom Claimant Count Change (Aug) came out at 6,300, while a consensus of analysts was expecting -13,200.

The market is looking forward to the release of new data: United Kingdom BoE Interest Rate Decision (Sep) is scheduled for Thursday. United Kingdom Composite PMI is expected Friday. United Kingdom Manufacturing PMI is expected Friday.

Sep. 16, 2022

Euro-Pound retreats 16 pips from 1 year high

(23:21) GMT

Euro-Pound rallied to 0.8784, hitting its highest point in 1 year. It later lost 16 pips and is now trading at 0.8768.

On the flip side, United Kingdom Retail Sales published today at 06:00 UTC came out at -1.6%, falling short of the -0.5% projections and continuing its decline from the previous 0.4% figure.

At the same time, Euro Zone Consumer Price Index released today at 09:00 UTC with a figure of 9.1%, while the previous figure was 9.1%. United Kingdom CFTC GBP speculative net positions released today at 19:30 UTC with a figure of -68,100, while the previous figure was -50,400.

Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as EUR/GBP price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that Euro-Pound's upper Bollinger band is at 0.8812, this is a slight indication of a slowdown. Following today's trading session, chart analysis suggests after reaching the known resistance zone beginning at 0.8727, Euro-Pound price action retreated approximately 40 pips.

With market volatility ebbing, the current technical outlook indicates Euro-Pound will remain range-bound for the immediate future.

At the same time, GBP/NZD falls 0.83% to trade around 1.9058. GBP/JPY closed at 163.21 (down 0.8%). GBP/USD is down to 1.142, losing 47 pips, after closing at 1.1467 yesterday.

Elsewhere, Euro Zone ECB's Lane speech is scheduled tomorrow at 16:45 UTC.

The currency pair has been trending positively for about a month. Having set a significant low of 0.7134 2 months ago, Euro-Pound is trading 22.28% higher.

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