EUR/GBP struggling to hold above 0.8550

EUR/GBP is losing momentum as the tug-of-war reaches a midpoint.
The Euro is struggling to build up momentum for a rebound after steep declines.
EUR markets to pull towards the midrange ahead of Wednesday's Eurozone Retail Sales.

Joshua Gibson FXStreet

The EUR/GBP is flatlining on the trading week, cycling near 0.8570 with Eurozone Retail Sales due early Wednesday.

The Euro (EUR) has shed two and a quarter percent against the Pound Sterling (GBP) since late November's peak of 0.8765, losing chart ground in one-sided action, closing in the red for nine of the last eleven trading sessions.

Tuesday saw mid-tier data for both the EUR and the GBP, which all beat expectations across the board, but sending both currencies nowhere quickly as markets focused elsewhere.

The UK's BRC Like-For-Like Sales for the year into November held steady at 2.6% versus the expected 2.5%, and the Eurozone's HCOB Composite Purchasing Managers' Index (PMI) for November beat expectations to climb to 47.6 versus the forecast 47.1.

Wednesday will land a bit harder on the economic calendar, with the UK's latest Financial Stability Report at 07:00 GMT, followed by Eurozone Retail Sales for October at 10:00 GMT.

Investors will be keeping an eye on the Financial Stability Report for finer details on the hawkish or dovish lean to the Bank of England (BoE) over the state of the UK's domestic economy.

Eurozone Retail Sales are expected to see a rebound but still remain in contraction territory with the headline annualized figure to print at -1.1% compared to the previous period's -2.9%.

EUR/GBP Technical Outlook

The EUR/GBP is seeing little rebound after falling within sight of 2023's low bids near 0.8500 and the pair is now kidding along the bottom of familiar technical levels near 0.8550.

The pair's recent drop from the 0.8750 neighborhood leaves the EUR/GBP stranded below the 200-day Simple Moving Average (SMA) near 0.8675, and any bullish rebounds will be facing a technical ceiling from the 50-day SMA, which is set to confirm a bearish cross of the longer 200-day SMA.

EUR/GBP Daily Chart

EUR/GBP Technical Levels

EUR/GBP

Overview
Today last price	0.8568
Today Daily Change	-0.0009
Today Daily Change %	-0.10
Today daily open	0.8577

Trends
Daily SMA20	0.8691
Daily SMA50	0.8683
Daily SMA100	0.864
Daily SMA200	0.8675

Levels
Previous Daily High	0.8586
Previous Daily Low	0.8559
Previous Weekly High	0.8688
Previous Weekly Low	0.856
Previous Monthly High	0.8766
Previous Monthly Low	0.8614
Daily Fibonacci 38.2%	0.8575
Daily Fibonacci 61.8%	0.8569
Daily Pivot Point S1	0.8562
Daily Pivot Point S2	0.8547
Daily Pivot Point S3	0.8535
Daily Pivot Point R1	0.8589
Daily Pivot Point R2	0.8601
Daily Pivot Point R3	0.8616

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.

AUD/USD drops toward 0.6900 amid USD uptick, ahead of US NFP

AUD/USD meets fresh supply and drifts toward 0.6900 in the Asian session on Friday, near its lowest level since early July. The US Dollar regains traction near 17-month highs as oil-driven inflationary concerns counter reduced bets on an October Fed rate hike and the overnight pullback in US bond yields, weighing on the pair. Focus is now on the US jobs data.

USD/JPY holds steady near 158.00 after hot Tokyo CPI; US NFP awaited

USD/JPY consolidates near 158.00, the top end of its weekly range in the Asian session on Friday, moving little after hotter-than-expected Tokyo CPI, which backs the case for more BoJ rate hikes. Meanwhile, the US Dollar retains a bullish undertone near a one-and-a-half-year top amid oil-driven inflation fears and geopolitical uncertainties, supporting the pair ahead of US Nonfarm Payrolls.

Gold returns to the red and tests $4,150, with eyes on US NFP

Gold edges lower in a multi-day-old range near $4,150 in the Asian session on Friday as traders await the US NFP report for more cues about the Fed's policy path. The outlook will drive the US Dollar and the non-yielding bullion. Meanwhile, oil-driven inflation fears offset the overnight pullback in US bond yields, helping the USD to stand firm near a one-and-a-half-year high amid the US-Iran standoff.

Pepe Price Forecast: PEPE sustains mild recovery on firm retail support

Pepe (PEPE) price holds steady around $0.00000440 at press time on Friday, sustaining the 3.50% gains from the previous day's rebound. The meme coin maintains firm retail demand, with its futures Open Interest stabilizing above $320 million and funding rates remaining positive. PEPE must reclaim the $0.00000500 psychological barrier to sustain an upward trend.

Why speculators slashed Yen longs by the most since August — and what that signals about risk

For much of the past month, the Japanese Yen (JPY) had become one of the market's preferred defensive trades. Hedge funds accumulated more than 170K net long contracts over four weeks as investors positioned for tighter Bank of Japan (BoJ) policy, persistent geopolitical uncertainty and a more cautious outlook for global growth.

Markets are pricing a Fed pause. The jobs data says the hike is still coming

The market has rapidly changed its mind about the Federal Reserve (Fed). Only a week ago, investors saw an October interest-rate hike as the most likely outcome. However, softer inflation and cautious comments from policymakers have since turned a pause into the dominant scenario. Yet beneath that dramatic repricing, the US economy is sending a considerably less dovish message.