Steady Euro/Pound holds at 0.8396
As the current session draws to a close, Euro/Pound remains in the 0.8396 range after dropping 0.02%.
United Kingdom Composite PMI fall short of the 55 projections, with 53.4 and continued its downward trajectory from previous figure of 53.6. United Kingdom Manufacturing PMI published today at 9:30 AM came out at 56.9, falling short of the 57.7 projections and continuing its decline from the previous 57.9 figure. United Kingdom Services PMI published today at 9:30 AM came out at 53.3, falling short of the 53.9 projections and continuing its decline from the previous 53.6 figure.
In terms of trend indicators, we can see that the CCI indicator is above 100. When the CCI (Commodity Channel Index) is at this level it means the price is above the average price as measured by the indicator, indicating a possible start of a new uptrend. Asset volatility analysis shows that Euro/Pound has just crossed the upper Bollinger band at 0.8387, indicating upward correction might be next As the day reaches an end a chart visual study suggests Euro/Pound's immediate support is around 0.8356, its resistance level is at 0.8536.
Overall, looking at the technical analysis landscape, it seems Euro/Pound might start pointing upward in the short term.
In the meantime, negative performances are also seen in other symbols, EUR/AUD broke through the 1.5851 resistance.
The market will be looking for upcoming data regarding Germany Business Climate Index figure is projected at 94.7. It previously stood at 94.7; data will be released tomorrow at 9:00 AM. United Kingdom's new CBI Industrial Trends Orders (Jan) data will be available tomorrow at 11:00 AM. Data is expected to decline to 22 from its previous value of 24. Germany Current Assessment (Jan) is expected to come out at 96.1 when it's released tomorrow at 9:00 AM, this is a decline from the preceding data which was 96.9.
Euro/Pound is having a rough year so far losing 0.27%. A study of Euro/Pound's past performance shows that it has been trading sideways for the past a month.