Feb. 19, 2021
Although starting the trading session strong, rising from 0.8655 to 0.8646, EUR/GBP dropped back and is now priced at 0.8646.
This limbo state for Euro/Pound is reflected by market data published as Data for United Kingdom Services PMI released today at 9:30 AM comes out at 49.7, beating projections of 41 and showing improvement over the preceding figure of 39.5. The United Kingdom Composite PMI came out at 49.8, above the estimate of 42.2. This is also a step forward from the previous data of 41.2. The United Kingdom Manufacturing PMI beat expectations of 53.2 with new data release of 54.9. This is also a step forward from the previous data of 54.1.
The Chart pattern study shows the Euro/Pound resistance level is at 0.9023. In terms of trend indicators, we can see that the CCI indicator is below -100. When the CCI (Commodity Channel Index) is at this level, it means the price is below the average price as measured by the indicator, indicating a possible start of a new downtrend. Momentum evaluation shows The Relative Strength Index indicates the Euro/Pound is in oversold condition, allowing more gains. However, the lower Bollinger band is at 0.8616, indicating a positive move might be next.
Overall, looking at the technical analysis landscape, it seems Euro/Pound might be pointing down in the short term.
While the Euro/Pound is pretty flat so far today, mixed performance is seen elsewhere as the Australian dollar is up 1.27%. After starting the session at 1.556, EUR/AUD lost 165 pips and is trading around 1.5395.
Euro/Pound social media highlights:
