EUR/GBP (week of 16-20/01)

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Weekly Summary

Stalemate for Euro-Pound bulls and bears .

A good end to the trading week, EUR/GBP is up to 0.8756, after closing yesterday at zero. Overall, a 0% move or 8,756 pips this week. (Trade Euro-Pound with FXTM now).

This move comes while some more positive signs for Euro-Pound are out as United Kingdom Average Earnings Index +Bonus beat analyst expectations of 6.2 and the previous reading of 6.2 with new data of 6.4.

On the flip side, United Kingdom Retail Sales published today at 07:00 UTC came out at -1%, falling short of the 0.5% projections and continuing its decline from the previous -0.5% figure.

At the same time, United Kingdom Consumer Price Index released Wednesday with a figure of 10.5%, while the previous figure was 10.7%. Germany ZEW Economic Sentiment Index came out at 16.9, while a consensus of analysts was expecting -15. United Kingdom Claimant Count Change (Dec) came out at 19,700, while a consensus of analysts was expecting 19,800.

Also worthy of note, Germany Business Climate Index is projected to outperform its last figure with 90.2, having previously been at 88.6. The figure will be published Wednesday.

Elsewhere, Euro Zone ECB President Lagarde speech is scheduled for Monday. United Kingdom Manufacturing PMI is expected Tuesday.

Jan. 20, 2023

Kicking off the session at 0.8739, Euro-Pound currency pair peaks at 0.8786

(23:21) GMT

After closing at 0.8738 yesterday, Euro-Pound began today at 0.8739 with significant bullish sentiment driving Euro-Pound's price action higher. So far today, price action has drawn out a distinct 0.8736 to 0.8786 range.

Nevertheless, United Kingdom Retail Sales published today at 07:00 UTC came out at -1%, falling short of the 0.5% projections and continuing its decline from the previous -0.5% figure.

Meanwhile, United Kingdom CFTC GBP speculative net positions released today at 20:30 UTC with a figure of -24,700, while the previous figure was -29,500. Fresh CFTC EUR speculative net positions data from Euro Zone came out at 127,000.

Price action remains constrained around the key Fibonacci level of 0.8759 currently serving as resistance. If broken, the next Fib hurdle is expected to be 0.8866. Euro-Pound's lower Bollinger Band® is at 0.873, indicating that the market is oversold and fertile for new buyers. On the other hand, note that although up today, early price action saw Euro-Pound dropping below its 50 day Simple Moving Average at 0.8728 — an early indicator that a new downward trend could be emerging. Euro-Pound could be slowing down soon as it approaches resistance at 0.8838. Of course, crossing it might suggest further gains are ahead.

With all probabilities considered, today's gains in Euro-Pound have only added further momentum to existing technical factors favoring greater bullish sentiment in the days to come.

Elsewhere, other currency pairs are also gaining ground as EUR/JPY is up 1.15%.

While Euro-Pound is up today, these currencies are lagging behind: GBP/NZD crashes 1.1% to trade around 1.915. EUR/NZD is trading around 1.6768 (down 162 pips).

Trading mostly sideways for a month. Having set a peak of 0.9785 around 3 months ago, Euro-Pound is now trading 10.7% below this level.

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