EUR/GBP grinding towards 0.8700 with EU Retail Sales in the pipe for Wednesday

The EUR/GBP is clawing for further gains, trying to extend the early week's gains.
EU Retail Sales around the corner, as well as a speech from BoE Governor Bailey.
UK GDP figures loom ahead on Friday.

Joshua Gibson FXStreet

The EUR/GBP is looking for further topside on Tuesday with EU Retail Sales data landing on Wednesday.

Before that, Bank of England (BoE) Governor Andrew Bailey will be speaking at the Central Bank of Ireland Financial System Conference in Dublin, and investors will be looking for policy clues ahead of the BoE's next policy meeting after the last meeting saw another rate hold.

BoE moving further away from additional rate hikes

The number of BoE policymakers that voted for a rate hike at the last meeting decreased from 4 to 3, with 6 of the 9 Monetary Policy Committee voting members opting to hold rates unchanged for the third straight meeting. The BoE meets again for a rate vote duting the first week of December.

EU Retail Sales for the year into September are broadly expected to etch in further declines, with the median market forecast calling for an acceleration from -2.1% to -3.2 %.

The MoM figure for September is expected to see a minor recovery from -1.2% to just -0.2%.

EUR/GBP Technical Outlook

The EUR/GBP is clawing back into the topside after recently tumbling out of consolidation, and the pair is set to confirm a daily close back over the 200-day Simple Moving Average (SMA) near 0.8690.

The pair has rebounded from a false break of a risking trendline from August's swing low below 0.8500, and the pair is catching technical support from the 50-day SMA near 0.8650.

EUR/GBP Daily Chart

EUR/GBP Technical Levels

EUR/GBP

Overview
Today last price	0.8692
Today Daily Change	0.0008
Today Daily Change %	0.09
Today daily open	0.8684

Trends
Daily SMA20	0.8686
Daily SMA50	0.8647
Daily SMA100	0.8616
Daily SMA200	0.8692

Levels
Previous Daily High	0.8686
Previous Daily Low	0.865
Previous Weekly High	0.8754
Previous Weekly Low	0.8664
Previous Monthly High	0.8754
Previous Monthly Low	0.8616
Daily Fibonacci 38.2%	0.8673
Daily Fibonacci 61.8%	0.8664
Daily Pivot Point S1	0.8661
Daily Pivot Point S2	0.8637
Daily Pivot Point S3	0.8624
Daily Pivot Point R1	0.8697
Daily Pivot Point R2	0.871
Daily Pivot Point R3	0.8734

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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