EUR/GBP Live News

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Jul. 23, 2021

Euro/Pound trading sideways so far today at 0.856, while in the midst of a bearish run

(23:21) GMT

Euro/Pound is on a 3 days down trend Today looks a bit better so far – Euro/Pound trading at 0.856 with no clear-cut direction, ranging between 0.8584 and 0.8544.

This in-between state for Euro/Pound is reflected by market data published as United Kingdom Composite PMI fall short of the 61.9 projections, with 57.7 and continued its downward trajectory from previous figure of 62.2. United Kingdom Services PMI fall short of the 62 projections, with 57.8 and continued its downward trajectory from previous figure of 62.4. United Kingdom Manufacturing PMI published today at 8:30 AM came out at 60.4, falling short of the 62.7 projections and continuing its decline from the previous 63.9 figure.

As the day reaches an end a chart visual study suggests EUR/GBP nearest support level is at 0.8449. In terms of trend indicators, we can see that at 0.858, Euro/Pound made an initial breakout above 50 day Simple Moving Average, an indication of a positive trend.

Overall, looking at the technical analysis landscape, it seems Euro/Pound might start pointing upward in the short term.

Other markets show mixed performance as a new all-time high for S&P 500 as it reaches 4,412.81. Nasdaq ascends to 14,843, its highest rate ever.

Euro/Pound had a bad year so far, losing 4.5%. Looking at the long term behavior shows Euro/Pound has been trading sideways for the last 10 months.

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Week to date

Euro/Pound retreats 109 pips from 2 months high .

A bearish end to the trading week, after starting the week at 0.8583, EUR/GBP went up to 0.867 only to drop back to mid point range and now trades at 0.856. (Start trading Euro/Pound at FXTM today).

This downslide might be related to financial indicators data published earlier as United Kingdom Composite PMI published today at 8:30 AM came out at 57.7, falling short of the 61.9 projections and continuing its decline from the previous 62.2 figure. United Kingdom Services PMI published today at 8:30 AM came out at 57.8, falling short of the 62 projections and continuing its decline from the previous 62.4 figure. United Kingdom Manufacturing PMI fall short of the 62.7 projections, with 60.4 and continued its downward trajectory from previous figure of 63.9.

In contrast, positive data for Euro/Pound reported earlier when data for United Kingdom Retail Sales released today at 6:00 AM comes out at 0.5%, beating projections of 0.4% and showing improvement over the preceding figure of -1.3%.

Meanwhile, Euro Zone Deposit Facility Rate (Jul) matches projections with new data release of -0.5. The indicator value is unchanged and is the same as previous data of -0.5.

In the meantime negative performances are also seen in other symbols, Euro/Yen drops to 128.57, as it hits a 4 months low. Dollar/Yen drops to 109.06, as it hits a 2 months low.

Outlook for rest of the week: Market will keep its eye on the following upcoming macroeconomics indicators: Germany Business Climate Index projected to outperform last figure with 102.5, while it previously stood at 101.8, data will be released Monday.