EUR/GBP hovers around 0.8670 ahead of the German employment data

EUR/GBP posts modest losses around 0.8670 on Wednesday.
The UK S&P Global PMI arrived at 46.2 vs. 46.4 prior, below the consensus.
The Eurozone HCOB Manufacturing PMI climbed to 44.4 in December 2023 from 44.2 in November, beating the expectation.
Traders will take more cues from the release of German employment data, due on Wednesday.

Lallalit Srijandorn FXStreet

The EUR/GBP cross sticks to the range-bound theme between 0.8665-0.8675 during the early European session on Wednesday. Investors await the German employment data for December. The unemployment rate is estimated to remain steady at 5.9%. The cross currently trades near 0.8670, losing 0.02% on the day.

The activity in the UK manufacturing sector worsened in December 2023. The UK S&P Global PMI came in at 46.2 from the previous reading of 46.4, below the market consensus. Furthermore, the negative outlook on the British economy and the fear of technical recession exert some selling pressure on the British Pound (GBP) and acts as a tailwind for the EUR/GBP cross.

On the Euro front, the Eurozone HCOB Manufacturing PMI climbed to 44.4 in December 2023 from 44.2 in November, beating expectations. Meanwhile, the German Manufacturing PMI came in better than market expectations, rising to 43.3 in December from the previous reading of 43.1.

The German employment data, including the Unemployment Rate and Unemployment Change, are due later on Wednesday. On Thursday, the Eurozone HCOB Composite PMI, Services PMI and Consumer Price Index (CPI) for December will be released. These reports could give a clear direction to the EUR/GBP cross.

EUR/GBP

Overview
Today last price	0.8668
Today Daily Change	-0.0005
Today Daily Change %	-0.06
Today daily open	0.8673

Trends
Daily SMA20	0.8634
Daily SMA50	0.8668
Daily SMA100	0.8644
Daily SMA200	0.8655

Levels
Previous Daily High	0.8683
Previous Daily Low	0.8646
Previous Weekly High	0.8715
Previous Weekly Low	0.8652
Previous Monthly High	0.8715
Previous Monthly Low	0.8549
Daily Fibonacci 38.2%	0.866
Daily Fibonacci 61.8%	0.8669
Daily Pivot Point S1	0.8652
Daily Pivot Point S2	0.8631
Daily Pivot Point S3	0.8615
Daily Pivot Point R1	0.8688
Daily Pivot Point R2	0.8704
Daily Pivot Point R3	0.8725

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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