- The EUR/GBP pair is struggling to continue rising, trying to extend the gains from earlier in the week.
- EU retail sales are just around the corner, as is BoE Governor Bailey’s speech.
- British GDP figures will be published on Friday.
He EUR/GBP is eyeing new highs on Tuesday ahead of Eurozone retail sales data on Wednesday.
Beforehand, Bank of England Governor Andrew Bailey will speak at the Central Bank of Ireland’s Financial System Conference in Dublin, and investors will look for clues on monetary policy ahead of the next monetary policy meeting. of the Bank of England, after rates were maintained again at the last meeting.
BoE moves away from further rate hikes
The number of BoE policymakers who voted in favor of a rate hike at the last meeting fell from 4 to 3, with 6 of the 9 voting members of the Monetary Policy Committee opting to keep rates unchanged for the third consecutive meeting . The BoE will meet again to vote on rates in the first week of December.
EU retail sales are expected to continue falling through September, with the market average forecast pointing to an acceleration from -2.1% to -3.2%.
September’s month-on-month figure is expected to see a slight recovery from -1.2% to just -0.2%.
EUR/GBP Technical Outlook
The EUR/GBP pair is returning to the high zone after recently breaking out of consolidation, and the pair is set to confirm a daily close above the 200-day SMA near 0.8690.
The pair has bounced following a false break of a risk trendline from the August low below 0.8500, and the pair is taking technical support at the 50-day SMA near 0.8650.
EUR/GBP Daily Chart
EUR/GBP technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
