EUR/GBP (week of 14-18/11)

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Weekly Summary

After ending yesterday at 0.8685, Euro-Pound increases slightly to 0.8685 (down 8,684 pips) .

A good end to the trading week, EUR/GBP is up to 0.8685, after closing yesterday at zero. Overall, a 0% move or 8,684 pips this week. (Trade Euro-Pound with FXTM now).

Uptick comes while some more positive signs for Euro-Pound are out as highly important Retail Sales data from United Kingdom beat analyst expectations of 0.3% with a reading of 0.6%. United Kingdom Average Earnings Index +Bonus released Tuesday is better than expected at six but down from preceding data of 6.1 according to new data.

Meanwhile, United Kingdom Claimant Count Change (Oct) released Tuesday with a figure of 3,300, while the previous figure was 3,900. United Kingdom Core Retail Sales released earlier showed a marked improvement to 0.3% from the preceding data of -1.5%, but fell short of the 0.6% figure forecast by a consensus of market analysts. Data for United Kingdom Retail Sales published today at 07:00 UTC came out at -6.1%, beating projections of -6.5% and showing improvement over the preceding figure of -6.8%.

Also worthy of note, Germany Business Climate Index is projected to outperform its last figure with 85. It previously stood at 84.3; data will be released Thursday.

Furthermore, the market is looking at Germany GDP figure is projected at 0.3. It previously stood at 0.3; data will be released Friday. United Kingdom Services PMI is expected Wednesday.

Nov. 18, 2022

Weak sentiment sees Euro-Pound posting 0.55% loss

(23:21) GMT

Euro-Pound drops from 0.8733 to 0.8685, losing 47 pips (0.55%) today.

On the flip side, highly important Retail Sales data from United Kingdom beat analyst expectations of 0.3% with a reading of 0.6%.

Amid the market gloom, Euro Zone Consumer Price Index released yesterday at 10:00 UTC with a figure of 10.6%, while the previous figure was 9.9%. United Kingdom CFTC GBP speculative net positions came out at -39,700.

EUR/GBP made an initial break below its 21 day Simple Moving Average at 0.8689, a possible indication of a forthcoming negative trend. Euro-Pound formed a session range of 0.8677 to 0.8739 leaving buyers and sellers highly concentrated around an active Fibonacci support level of 0.8677. Despite this, although Euro-Pound is down today and was as low as 0.8677, it seems to be recovering slightly and climbing away from the 0.8668 support line and is now 16 pips above it.

Looking forward, Euro-Pound is poised to extend its strong downtrend and continue declining.

As things stand, Euro-Pound is 10.76% away from a significant high of 0.9785, first set a month ago.

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