EUR/GBP (week of 31-04/06)

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Weekly Summary

Stationary Euro/Pound is trading around 0.8592 .

A flat end to the trading week, EUR/GBP price varies between 0.8557 and 0.8647 and settles at 0.8592. (Trade Euro/Pound with FXTM now).

This in-between state for Euro/Pound is reflected by market data published as United Kingdom Construction PMI beats expectations of 62.3 with new data release of 64.2. This is also a step forward from the previous data of 61.6. Data for United Kingdom Composite PMI released yesterday at 8:30 AM comes out at 62.9, beating projections of 62 and showing improvement over the preceding figure of 62. Germany Unemployment Change comes out at -15,000, above the estimate of -9,000. This is also a step forward from the previous data of 8,000.

While Euro/Pound is pretty flat so far today, mixed performances are seen elsewhere as EUR/NZD hits 1.701, highest price in 4 months. New 4 months high for EUR/AUD at 1.5851. USD/SGD drops to 1.3185, as it hits a 3 months low. Dollar/Yen hits a new 2 months high at 110.33. Aussie/Dollar drops to 0.7642, as it hits a 6 weeks low.

Jun. 4, 2021

Stable day for Euro/Pound, trading around 0.8592

(23:21) GMT

Euro/Pound drops from 0.8597 to 0.8592, losing 5 pips (0.06%). (Trade Euro/Pound with FXTM now).

This in-between state for Euro/Pound is reflected by market data published as data for United Kingdom Construction PMI released today at 8:30 AM comes out at 64.2, beating projections of 62.3 and showing improvement over the preceding figure of 61.6. Data for United Kingdom Composite PMI released yesterday at 8:30 AM comes out at 62.9, beating projections of 62 and showing improvement over the preceding figure of 62. Euro Zone Retail Sales fall short of the -1.2% projections, with -3.1% and continued its downward trajectory from previous figure of 3.3%.

In terms of trend indicators, we can see that at 0.8594, Euro/Pound made an initial breakout below the 5 day Simple Moving Average, an indication of a negative trend. Asset volatility analysis shows that the upper Bollinger band is at 0.8661, indicating a downward move might be next. In contrast Euro/Pound might start to recover soon because it is getting close and is now only 72 pips from support line at 0.8519, obviously dipping below it could be an indication that further losses are ahead.

Overall, looking at all the technical indicators, it seems Euro/Pound might be pointing down in the short term.

While Euro/Pound is pretty flat so far today, mixed performances are seen elsewhere as Dollar/Yen drops by 69 pips (0.7%), making its largest single-day fall since November 2020. EUR/AUD climbs to a new 4 months high at 1.5847.

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