EUR/GBP Live News

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EUR/GBP

Sep. 29, 2022

Weak sentiment sees Euro-Pound posting 0.68% loss

Live - Updated 46 minutes ago.

After closing at 0.8943 yesterday, Euro-Pound opened today at 0.8943, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Euro-Pound retains a distinct 0.8853 to 0.898 daily range.

Meanwhile, Germany Consumer Price Index came out at 10%, while a consensus of analysts was expecting 9.4%. Germany Consumer Price Index released today at 12:00 UTC with a figure of 1.9%, while the previous figure was 0.3%. Italy 10-Year BTP Auction came out at 4.7.

EUR/GBP made an initial break below its 5 day Simple Moving Average at 0.8872, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at 0.8857, market bears have earmarked 0.8825 as the next downside target.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Euro-Pound.

Though Euro-Pound has been dropping, other pairs have been performing better: GBP/NZD is up 1.77%. Having closed the previous session at 1.4821, GBP/CAD is up 1.53% today to currently trade at around 1.5048. EUR/NZD rallies 1.03% to trade around 1.7161.

Looking ahead, ongoing depreciation may be prolonged as United Kingdom GDP projected to come out at -0.1 — worse than previous data of 0.8; data will be released tomorrow at 06:00 UTC. United Kingdom GDP projected to decline to 2.9% while previous data was 8.7%; data will be released tomorrow at 06:00 UTC. Germany Unemployment Change is projected to outperform its last figure with 20,000. It previously stood at 28,000; data will be released tomorrow at 07:55 UTC.

The currency pair has been trending positively for about a month. After setting a supportive marker at 0.7134 around 3 months ago, Euro-Pound is now trading 25.36% above this level.

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Week to date

Euro-Pound improves slightly to 0.8882, after ending the last session at zero (down 0%) .

Trading week at a glance - EUR/GBP is up to 0.8882, after closing yesterday at zero. Overall, a 0% move or 8,881 pips this week. (Trade Euro-Pound with FXTM now).

Euro-Pound upside coincides with further encouraging market factors as following a previous reading of 88.6, Business Climate Index in Germany released Monday fell short of the 87 figure expected by analysts with an actual reading of 84.3.

Meanwhile, Germany Consumer Price Index came out at 10%, while a consensus of analysts was expecting 9.4%. United Kingdom Manufacturing PMI released Friday with a figure of 48.5, while the previous figure was 47.3. United Kingdom Services PMI came out at 49.2. United Kingdom Composite PMI came out at 48.4, while a consensus of analysts was expecting 49.

Furthermore, the market is looking at United Kingdom GDP projected to decline to -0.1 while previous data was 0.8; data will be released tomorrow at 06:00 UTC. Tomorrow at 06:00 UTC data for United Kingdom GDP will be released, with an expected decline to 2.9% from the preceding figure of 8.7%.

Also worthy of note, Euro Zone Consumer Price Index is expected tomorrow at 09:00 UTC.

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