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Sep. 26, 2023

Euro-Pound currency pair adds 23 pips or 0.27%

Live - Updated 41 minutes ago.

Euro-Pound has rallied 23 pips, or 0.27%, to now stand at 0.8696.

EUR/GBP made an initial breakout above its 3 day Simple Moving Average at 0.8677, a potential indicator of a newly emerging bullish phase. In contrast, Euro-Pound price action is currently oscillating around the 0.8695 resistance level with prices moving above and below several times during the session. Bollinger Band® analysis indicates that current price action is approaching the upper band at 0.8706, thereby suggesting that Euro-Pound is becoming overvalued.

According to technical analysis, it looks as if Euro-Pound likely to continue pointing upward in the short term.

Elsewhere, other currency pairs are also gaining ground as USD/CHF leaps up 0.47% to trade around 0.916. USD/CAD goes up 0.49% to trade around 1.3519.

While Euro-Pound is up today, these currencies are lagging behind: GBP/USD is trading around 1.2155 (down 56 pips).

Furthermore, the market is looking at Germany GfK Consumer Climate (Oct) scheduled to come out tomorrow at 06:00 UTC. Euro Zone European Central Bank Non-monetary Policy Meeting will be released tomorrow at 07:00 UTC. Germany 10-Year Bund Auction is expected tomorrow at 09:30 UTC.

Trading mostly sideways for 2 months. Euro-Pound now trading 368.64% above its 3-month low of 0.8418.

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Week to date

After ending yesterday at 0.8696, Euro-Pound increases slightly to 0.8696 (up 8,695 pips) .

A good end to the trading week, EUR/GBP is up to 0.8696, after closing yesterday at zero. Overall, a 0% move or 8,695 pips this week. (Start trading Euro-Pound at FXTM today).

At the same time, United Kingdom BoE Interest Rate Decision (Sep) released Thursday with a figure of 5.25, while the previous figure was 5.25. United Kingdom Consumer Price Index came out at 6.7%, while a consensus of analysts was expecting 7%. United Kingdom CFTC GBP speculative net positions released Friday with a figure of 33,700, while the previous figure was 46,200. Euro Zone CFTC EUR speculative net positions came out at 102,000. Fresh Services PMI data from United Kingdom came out at 47.2.

Outlook for rest of the week: Positive indicators for Euro-Pound are expected going forward as United Kingdom GDP is projected to outperform its last figure with 0.4%. It previously stood at 0.2%; data will be released Friday. United Kingdom GDP is projected to outperform its last figure with 0.2, having previously been at 0.1. The figure will be published Friday.

Elsewhere, Germany Consumer Price Index is expected Thursday.