(VIANEWS) - EUR/GBP consolidates the latest gains as traders brace for the first readings of the Eurozone and the UK PMIs for July during early Monday. In doing so, the cross-currency pair renews its intraday low near 0.8645 to print the mild losses, after rising in the last two consecutive weeks.
As reported by FXStreet, apart from the pre-data positioning, headlines from Bloomberg also lure the EUR/GBP bears by suggesting more inflation pressure within the UK, via the employment sector. The news covered data from the search engine Adzuna to mention that the UK job vacancies rose for a fifth month, boosting salaries and signaling tightness in the labor market that's likely to faninflation.
EUR/GBP (EURGBP) has been up by 0.91% for the last 10 sessions. At 04:09 EST on Monday, 24 July, EUR/GBP (EURGBP) is $0.86.
Eur/gbp slides to 0.8650 ahead of eu/uk pmis, ECB monetary policy announcements
Repeated failures to cross the 100-day Exponential Moving Average (EMA) surrounding 0.8665 directs the EUR/GBP bears toward the previous resistance line stretched from May 23, close to 0.8615 at the latest., Apart from the pre-data positioning, headlines from Bloomberg also lure the EUR/GBP bears by suggesting more inflation pressure within the UK, via the employment sector.
EUR/GBP's yearly highs and lows, it's 3.357% up from its 52-week low and 6.67% down from its 52-week high.
Forex Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, EUR/GBP's Forex is considered to be oversold (<=20).
Previous days news about EUR/GBP (EURGBP)
- Eur/gbp price analysis: struggles at 0.8700, prints two-month high as ECB meeting looms. According to FXStreet on Saturday, 22 July, "If EUR/GBP pullbacks, the first support would be the 50-day EMA at 0.8619, followed by the 0.8600 mark. ", "With EUR/GBP remaining unable to breach the 0.8700 figure, the Euro (EUR) remains exposed to selling pressure, but the next week's upcoming monetary policy meeting of the European Central Bank (ECB) could lend a lifeline to hover around the current exchange rate, as it happened on Thursday and Friday."
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