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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD holds around 1.1750 after weak German and EU PMI data

EUR/USD maintains its range trade at around 1.1750 in European trading on Tuesday. Weaker-than-expected December PMI data from Germany and the Eurozone make it difficult for the Euro to find demand, while investors refrain from taking large USD positions ahead of key employment data.

GBP/USD climbs above 1.3400 after upbeat UK PMI data

GBP/USD gains traction and trades in positive territory above 1.3400 on Tuesday as the British Pound benefits from upbeat PMI data. Later in the day, crucial data releases from the US, including Nonfarm Payrolls, Retail Sales and PMI, could trigger the next big action in the pair.

Gold retreats from seven week highs on profit-taking; all eyes on US NFP release

Gold price loses momentum below $4,300 during the early European trading hours on Tuesday, pressured by some profit-taking and weak long liquidation from the shorter-term futures traders. Furthermore, optimism around Ukraine peace talks could weigh on the safe-haven asset like Gold.

US Nonfarm Payrolls expected to point to cooling labor market in November

The United States Bureau of Labor Statistics will release the delayed Nonfarm Payrolls (NFP) data for October and November on Tuesday at 13:30 GMT. Economists expect Nonfarm Payrolls to rise by 40,000 in November. The Unemployment Rate is likely to remain unchanged at 4.4% during the same period.

NFP preview: Complex data release will determine if Fed was right to cut rates

The long wait is over, and the Bureau of Labor Statistics in the US will release nonfarm payrolls reports for both November and October at 1330 GMT on Tuesday. The overall NFP figure for October is expected to be -10k, however, it is expected to be influenced by a massive 130k drop in federal department workers.

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.