EUR/GBP loses ground near 0.8660 following UK GDP data

EUR/GBP attracts some sellers around 0.8660 after the UK growth numbers data.
UK Q3 final GDP came in worse than expected, shrinking 0.1% QoQ versus 0% prior.
ECB’s Guindos said it’s premature to start easing monetary policy; November’s German PPI came in worse than expected.

Lallalit Srijandorn FXStreet

The EUR/GBP cross snaps the two-day winning streak during the early European session on Friday. The cross retraces from the multi-week highs of 0.8685 and currently trades near 0.8660, losing 0.13% on the day.

The latest data from the UK Office for National Statistics revealed on Friday that the nation’s Gross Domestic Product (GDP) for the third quarter (Q3) came in at -0.1% QoQ versus 0% prior. On an annual basis, the GDP growth number arrived at 0.3% from the previous reading of 0.6%. Both figures were weaker than market expectations.

Furthermore, November’s UK Retail Sales rose 1.3% MoM from 0% in October, while Retail Sales ex-Fuel climbed 1.3% MoM versus 0.2% previously.

The European Central Bank (ECB) Vice President Luis de Guindos stated on Thursday that it’s premature to start easing monetary policy. He added that the ECB does not foresee a technical recession in the Eurozone and that the central bank would welcome a deal on EU fiscal reform as it would alleviate market uncertainty.

About the data, the German Producer Price Index (PPI) for November dropped 7.9% YoY from 11% fall in the previous reading, worse than the market expectation of a 7.5% decline. Additionally, the German Gfk Consumer Confidence Survey for January came in at -25.1 versus -27.6, above the consensus of -27.0.

Later on Friday, the Consumer Confidence from France, Spain, and Italy will be due. However, these figures might have a minimal impact on the markets ahead of the holiday season.

EUR/GBP

Overview
Today last price	0.8668
Today Daily Change	-0.0004
Today Daily Change %	-0.05
Today daily open	0.8672

Trends
Daily SMA20	0.8614
Daily SMA50	0.867
Daily SMA100	0.8639
Daily SMA200	0.8659

Levels
Previous Daily High	0.8686
Previous Daily Low	0.8654
Previous Weekly High	0.8634
Previous Weekly Low	0.8549
Previous Monthly High	0.8766
Previous Monthly Low	0.8614
Daily Fibonacci 38.2%	0.8673
Daily Fibonacci 61.8%	0.8666
Daily Pivot Point S1	0.8656
Daily Pivot Point S2	0.8639
Daily Pivot Point S3	0.8624
Daily Pivot Point R1	0.8687
Daily Pivot Point R2	0.8702
Daily Pivot Point R3	0.8719

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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