EUR/GBP Weekly Analysis (week of 09-13/11)

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Weekly Summary

This move comes while some more positive signs for Euro/Pound are out as the United Kingdom Claimant Count Change (Oct) released earlier shows an improvement to -29.8 from the preceding data of -40.2, but falls short of the projected 50.

A look at other markets shows behavior that usually indicates a green move for the Euro/Pound as EUR/CAD went up from 1.5512 to 1.5541 (0.19%, 29 pips).

At the same time, pound/yen is trading around 138.1 (up 23 pips).

In the meantime, new 2 month high for the pound at 1.3272. USD/MXN is trading around 20.392 after starting the session at 20.5878 (down 195 pips). EUR/NZD trades with no major change, around 1.728.

Nov. 13, 2020

Euro/Pound down 31 pips(-0.35%), trading around 0.8966

(22:21) GMT

EUR/GBP slid down from 0.8997 to 0.8966, taking a 31 pip loss (-0.35%).

This downslide might be related to financial indicators data published earlier as United Kingdom Manufacturing Production published on Thursday at 7:00 AM came out at 0.2, falling short of the projections and continuing its decline from the previous 0.9 figure. The United Kingdom's GDP fell short of the 1.5 projections, at 1.1 and continued its downward trajectory from the previous figure of 2.1.

On the flip side, released on Thursday at 7:00 AM, United Kingdom's Monthly GDP 3M/3M Change showed an uptick coming in at 15.5, up from the previous number of eight.

At the same time, after starting the session at 20.5878, USD/MXN lost 195 pips and is trading around 20.392. The Pound/Dollar is trading around 1.3193 after starting the session at 1.3117 (up 0.58%).

At 0.8986, Euro/Pound made an initial breakout below the 200 day Simple Moving Average. The Euro/Pound nearest resistance level is at 0.9033.

Nov. 12, 2020

Euro/Pound made its largest jump (93 pips) since Sep. 10

(22:21) GMT

EUR/GBP trades at 0.9 after it made its largest daily jump (93 pips) since Sep. 10

This move comes while some more positive signs for Euro/Pound are out. As released today at 7:00 AM, United Kingdom's Monthly GDP 3M/3M Change showed an uptick coming in at 15.5, up from the previous number of eight.

On the flip side, United Kingdom Manufacturing Production published today at 7:00 AM came out at 0.2, falling short of the projections and continuing its decline from the previous 0.9 figure. United Kingdom GDP published today at 7:00 AM came out at 1.1, falling short of the 1.5 projections and continuing its decline from the previous 2.1 figure.

At 0.8996, Euro/Pound made an initial breakout above the 10 day Simple Moving Average. The Euro/Pound nearest resistance level is at 0.9033, followed by 0.9133 at the next level.

A look at other markets shows behavior that usually indicates a green move for the Euro/Pound as EUR/CAD gained 0.78% (119 pips), reaching 1.5505 levels.

In the meantime, pound/dollar is down 103 pips from the beginning of the session and now trading around 1.3223. EUR/NZD gained 0.89%, currently at 1.7264 USD/MXN is up 0.64% to 20.5883

The market is looking forward to United Kingdom BoE Gov Bailey's speech is scheduled for tomorrow at 4:00 PM. Euro Zone GDP is projected to outperform the last figure at 12.7, while it previously stood at -11.8, figure will be published tomorrow at 10:00 AM. France Consumer Price Index is projected to outperform the last figure at -0.1, while it previously stood at -0.5, figure will be published tomorrow at 7:45 AM. Spain's HICP (YoY) (Oct) expected to decline to -1, while its preceding data was -0.6, Data will be available tomorrow at 8:00 AM.

Nov. 11, 2020

Euro/Pound down to 0.8859, the last time it was this low was 6 months

(22:21) GMT

Having started at 0.8906, EUR/GBP dropped to 0.8859, hitting its lowest point in 6 months, later it recovered 45 pips and is now trading at 0.8905

This in-between state for Euro/Pound is reflected by market data published as United Kingdom Claimant Count Change (Oct) released earlier, shows an improvement to -29.8 from the preceding data of -40.2, but falls short of the projected 50. Data for United Kingdom Average Earnings Index +Bonus released on Tuesday at 7:00 AM came out at 1.3, beating projections of one and showing improvement over the preceding figure of 0.1. United Kingdom Employment Change 3M/3M (MoM) (Sep) fell short of the -148 projections, with -164 and continued its downward trajectory from the previous figure of -153.

The Euro/Pound nearest resistance level is at 0.9033.

Meanwhile, mixed performances were seen elsewhere as the British Pound hit 1.3296, highest rate in 2 months. EUR/NZD is trading around 1.7106 after starting the session at 1.73 (down 192 pips). USD/MXN is trading around 20.4582 after starting the session at 20.2829 (up 0.86%). The Pound/Yen hit 140.31, highest rate in 2 months.

Data to be released later might clear up some of the fog for Euro/Pound as United Kingdom Manufacturing Production is projected to outperform the last figure by one, while it previously stood at 0.7, data will be released tomorrow at 7:00 AM. The United Kingdom's GDP is expected tomorrow at 7:00 AM. United Kingdom Monthly GDP 3M/3M Change is expected tomorrow at 7:00 AM. United Kingdom BoE Gov Bailey's speech is set for tomorrow at 8:00 AM.

Nov. 10, 2020

At 0.8882 Euro/Pound down to its lowest value in 2 months

(22:21) GMT

After starting the day at 0.8977, EUR/GBP dropped to 0.8882, hitting its lowest point in 2 months, It later recovered 23 pips and is now trading at 0.8906

Nonetheless, encouraging indicators for Euro/Pound published earlier when United Kingdom Claimant Count Change (Oct) released earlier shows an improvement to -29.8 from the preceding data of -40.2, but falls short of the projected 50. Data for United Kingdom Average Earnings Index +Bonus released today at 7:00 AM came out at 1.3, beating projections of one and showing improvement over the preceding figure of 0.1.

Meanwhile, data for the German Balance of Trade released on Monday at 7:00 AM came out at 17.8, beating projections of 15.8 and showing improvement over the preceding figure of 15.4.

The Euro/Pound nearest resistance level is at 0.9033.

Positive performance can be seen looking at other symbols, as EUR/CAD is up 0.18% (28 pips) to 1.5393 levels.

At the same time, Sterling added 0.8% to its value, now trading at 1.3265 Pound/Yen , beyond 139.77 for the first time in 2 months. USD/MXN is trading around 20.2797 after starting the session at 20.3171 (down 37 pips).

The market will keep its eye on the following upcoming macroeconomics indicators: Euro Zone ECB President Lagarde's speech is expected tomorrow at 1:00 PM. United Kingdom Trade Balance Non-EU is scheduled for tomorrow at 7:00 AM. The Spain 10-Year Obligacion Auction is scheduled for tomorrow at 10:00 AM. Euro Zone ECB's De Guindos speech is expected tomorrow at 1:30 PM.

Nov. 9, 2020

Euro/Pound drops to 0.8972 ahead of United Kingdom Average Earnings Index +Bonus

(22:21) GMT

EUR/GBP drops to 0.8972 ahead of United Kingdom Average Earnings Index +Bonus

As the market gets ready for the data release , EUR/CAD lost 155 pips from the start of the session, trading at 1.5352 levels. USD/MXN is trading around 20.3217 after starting the session at 20.5678 (down 246 pips). EUR/NZD is trading around 1.7311 after starting the session at 1.7531 (down 219 pips).

Euro/Pound technical analysis overall picture ahead of indicator data: Euro/Pound is getting closer and is now only four pips from the support line at 0.8968. Dipping below it might indicate further losses are ahead.

Earlier data releases related to Euro/Pound –

Data for German Balance of Trade released today at 7:00 AM came out at 17.8, beating projections of 15.8 and showing improvement over the preceding figure of 15.4.

Coming up for Euro/Pound –

United Kingdom Claimant Count Change (Oct) projected to outperform last figure with 78.8 while it previously stood at 28, data will be released tomorrow at 7:00 AM. Tomorrow at 10:00 AM, data for Germany's ZEW Economic Sentiment Index will be released, with an expected decline to 40 from the preceding figure of 56.1.