- EUR/GBP finds resistance around 0.8540 as attention turns to UK economic indicators.
- BoE Governor Andrew Bailey’s speech is awaited for fresh insights into interest rate policy.
- The ECB may move to lower rates before the Bank of England.
- EUR/GBP is facing resistance as it tries to climb above the immediate hurdle of 0.8540 during Monday’s European trading session.
- Investors are anxiously awaiting the release of UK employment data covering the three months up to December, scheduled for Tuesday.
Expectations are for the unemployment rate to drop to 4.0% from its previous reading of 4.2% for the three months ending in November. Additionally, the growth rate of average earnings, excluding bonuses, is projected to slow down to 6.0% from the previous figure of 6.6%. A significant slowdown in wage growth could fuel speculation of potential interest rate cuts by the Bank of England (BoE).
Today’s focus will be on a speech by BoE Governor Andrew Bailey, where market participants hope to glean insights into potential monetary policy moves in March.
The Pound Sterling is anticipated to experience volatility, especially with forthcoming releases of UK inflation, manufacturing, and retail sales data following Tuesday’s employment figures.
In comparison, the Euro’s appeal against the Pound Sterling remains subdued, with expectations that the European Central Bank (ECB) might move to lower key rates ahead of the Bank of England. Persistent downward pressure on prices in the Eurozone economy is a concern. However, ECB policymakers are likely to wait for sustainable inflation returning to the 2% target before announcing any rate adjustments. ECB President Christine Lagarde has hinted at possible rate cuts in late Spring.
EUR/GBP
OVERVIEW | |
---|---|
Today last price | 0.8533 |
Today Daily Change | -0.0007 |
Today Daily Change % | -0.08 |
Today daily open | 0.854 |
TRENDS | |
---|---|
Daily SMA20 | 0.8553 |
Daily SMA50 | 0.8595 |
Daily SMA100 | 0.864 |
Daily SMA200 | 0.8622 |
LEVELS | |
---|---|
Previous Daily High | 0.8547 |
Previous Daily Low | 0.8532 |
Previous Weekly High | 0.8572 |
Previous Weekly Low | 0.8516 |
Previous Monthly High | 0.8683 |
Previous Monthly Low | 0.8513 |
Daily Fibonacci 38.2% | 0.8538 |
Daily Fibonacci 61.8% | 0.8542 |
Daily Pivot Point S1 | 0.8533 |
Daily Pivot Point S2 | 0.8525 |
Daily Pivot Point S3 | 0.8518 |
Daily Pivot Point R1 | 0.8547 |
Daily Pivot Point R2 | 0.8555 |
Daily Pivot Point R3 | 0.8562 |