EUR/GBP Live News

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EUR/GBP

Dec. 2, 2022

After three days of going down, Euro-Pound is flat today, hovering around 0.8589

Live - Updated 40 minutes ago.

Euro-Pound posts light gains on a low-volatility day, ranging between 0.858 – 0.8592 and is now at 0.8589.

At the same time, Euro Zone Unemployment Rate beat analyst expectations of 6.6 and the previous reading of 6.6 with new data of 6.5. Spain 15-Year Obligacion Auction released yesterday at 09:40 UTC with a figure of 3.13, while the previous figure was 3.26. Spain Manufacturing PMI came out at 45.7, while a consensus of analysts was expecting 45.6.

EUR/GBP's lower Bollinger Band® is at 0.8544, indicating that the market is oversold and fertile for new buyers. In contrast, Euro-Pound could be slowing down soon as it approaches resistance at 0.8633. Of course, crossing it might suggest further gains are ahead.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts Euro-Pound to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Euro-Pound is expected to pick up significant bullish sentiment in the coming days.

While Euro-Pound is up today, these currencies are lagging behind: EUR/JPY is down 36 pips from the beginning of the session and now trades around 142.02. GBP/JPY is down to 165.34, losing 50 pips, after closing at 165.84 in the preceding trading session. GBP/USD closed at 1.2239 (down 0.14%).

Furthermore, the market is looking at Euro Zone ECB President Lagarde speech is scheduled today at 02:40 UTC. Germany Trade Balance (Oct) is expected today at 07:00 UTC. As things stand, upcoming Spain Unemployment Change data is projected to fall short of market expectations with newly published data of -20,300, following on from the preceding figure of -27,000. New data is set to be published today at 08:00 UTC.

Having set a peak of 0.9785 around a month ago, Euro-Pound is now trading 12.27% below this level.

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Week to date

Stalemate for Euro-Pound bulls and bears .

As the trading week gets on its way, EUR/GBP is up to 0.8589, after closing yesterday at zero. Overall, a 0% move or 8,589 pips this week. (Trade Euro-Pound with FXTM now).

Euro-Pound upside coincides with further encouraging market factors as Germany Unemployment Change published Wednesday came out at 17,000, falling short of the 13,000 projections and continuing its decline from the previous 9,000 figure.

At the same time, Euro Zone Consumer Price Index released Wednesday with a figure of 10%, while the previous figure was 10.6%. Data for Euro Zone Unemployment Rate published yesterday at 10:00 UTC came out at 6.5, beating projections of 6.6 and showing improvement over the preceding figure of 6.6. Fresh 15-Year Obligacion Auction data from Spain came out at 3.13. Spain Manufacturing PMI came out at 45.7, while a consensus of analysts was expecting 45.6.

Furthermore, the market is looking at as things stand, upcoming United Kingdom Construction PMI data is projected to fall short of market expectations with newly published data of 50.5, following on from the preceding figure of 53.2. New data is set to be published Tuesday.

Furthermore, the market is looking at United Kingdom Composite PMI is expected Monday. Euro Zone Retail Sales projected to come out at -1.7% — worse than previous data of 0.4%; data will be released Monday.

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