EUR/GBP (week of 29-02/04)

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Weekly Summary

After starting the week at 0.8547, Euro/Pound slips to 0.8505 (down 0.49%) .

EUR/GBP is sliding down from 0.8547 to 0.8505, taking a 41 pip loss (0.49%). (Trade Euro/Pound with FXTM now).

This downslide might be related to financial indicators data published earlier as Germany Unemployment Change published on Wednesday came out at -8,000, falling short of the -13,000 projections and continuing its decline from the previous -36,000 figure.

In contrast, positive data for Euro/Pound reported earlier when the United Kingdom's GDP came out at -7.3, above the estimate of -7.8. This is also a step forward from the previous data of -7.8.

Meanwhile, Euro Zone CFTC EUR speculative net positions were released with a new figure of 73,700, This is down from preceding data of 93,300. United Kingdom CFTC GBP speculative net positions were released today at 8:30 PM with a figure of 25,000, This is better than the previous number of 21,800.

Outlook for the rest of the week: market will keep its eye on the following upcoming macroeconomics indicators: Thursday's data for the United Kingdom Construction PMI will be released, with an expected decline to 51 from the preceding figure of 53.3.

Apr. 2, 2021

Bearish Euro/Pound mostly flat today, trading at 0.8505

(23:21) GMT

EUR/GBP has been losing ground for 9 days, shedding a total of 1.44% of its value. Today looks a bit better so far – Euro/Pound drops from 0.8513 to 0.8505, losing 7 pips (0.09%).

This limbo state for Euro/Pound is reflected by market data published as Euro Zone CFTC EUR speculative net positions is released with a new figure of 73,700, This is down from preceding data of 93,300. Released today at 8:30 PM, United Kingdom's CFTC GBP speculative net positions showed an uptick coming in at 25,000, up from the previous number of 21,800. The Euro Zone Manufacturing PMI came out at 62.5, above the estimate of 62.4. This is also a step forward from the previous data of 57.9.

As the day reaches an end, a chart visual study suggests the Euro/Pound resistance level is at 0.8684. 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. Asset volatility analysis shows that the lower Bollinger band is at 0.8491, indicating a positive move might be next.

Overall, technical indicators suggest the Euro/Pound has no obvious direction for the immediate future.

Meanwhile, mixed performances are seen elsewhere as the S&P reaches a new record high at 4,020.63. The Pound/Yen hit 153.08, highest price in 2 years.

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