EUR/GBP moves sideways near 0.8590 ahead of UK employment data

EUR/GBP looks to consolidate ahead of the release of UK data.
The Employment Change and the ILO Unemployment Rate are expected to decline.
Investors expect the ECB to adopt a dovish stance in the upcoming policy meeting.

Akhtar Faruqui FXStreet

EUR/GBP consolidates ahead of the employment data from the United Kingdom (UK) and interest rate decisions from the European Central Bank (ECB). Spot price hovers around 0.8590 during the Asian session on Tuesday.

The UK is set to release employment data later in the day including Claimant Count Change for August. While Employment Change for July is expected to print a decline of 185K compared to the previous decline of 66K. The ILO Unemployment Rate (3M) seems to rise by 4.3% in July against the previous rate of 4.2%.

During the weekend, the UK's Chancellor of the Exchequer, Jeremy Hunt, stated that the Bank of England (BoE) is facing a higher level of sustained inflation than they had originally forecasted.

The elevated wage growth is contributing to the resilience of inflation. Market participants will closely monitor the upcoming data, as any positive figures could complicate the Bank of England's (BoE) stance, making it challenging for them to maintain a clear-cut position, especially in light of concerns about a potential recession.

On the other hand, the European Central Bank (ECB) is scheduled to announce its latest interest rate decision on Thursday. Despite recent hawkish statements from ECB officials, market participants are becoming more convinced that the rate hike cycle in the Eurozone has reached its peak.

The prevailing market forecasts generally expect the ECB to keep interest rates unchanged at the September meeting. However, any unexpected and surprising moves or statements from the ECB have the potential to disrupt the markets and create uncertainty about the direction of the cross-pair.

EUR/GBP: additional important levels

Overview
Today last price	0.859
Today Daily Change	-0.0004
Today Daily Change %	-0.05
Today daily open	0.8594

Trends
Daily SMA20	0.8563
Daily SMA50	0.8581
Daily SMA100	0.862
Daily SMA200	0.8712

Levels
Previous Daily High	0.8594
Previous Daily Low	0.8558
Previous Weekly High	0.8601
Previous Weekly Low	0.8524
Previous Monthly High	0.8669
Previous Monthly Low	0.8493
Daily Fibonacci 38.2%	0.8581
Daily Fibonacci 61.8%	0.8572
Daily Pivot Point S1	0.857
Daily Pivot Point S2	0.8546
Daily Pivot Point S3	0.8534
Daily Pivot Point R1	0.8606
Daily Pivot Point R2	0.8619
Daily Pivot Point R3	0.8643

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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