- EUR/GBP is very volatile this Wednesday as the market almost reached the 0.9127 level.
- The key level to beat for bears is the 0.9050 support followed by the 0.9037 level.
EUR/GBP daily chart
The market has been retracing down in August after peaking at the 0.9326 level. EUR/GBP exchange rate almost hit the August 29, 2017 high at the 0.9307 level.
EUR/GBP 4-hour chart
The market is very volatile this Wednesday with big swings in both directions. EUR/GBP is trading below its main SMAs, suggesting a bearish bias in the medium term. Bears need to break 0.9050 support to reach 0.9037, 0.9020 and the 0.9007 levels to generate a selloff towards 0.8945, according to the Technical Confluences Indicator.
EUR/GBP 30-minute chart
EUR/GBP is challenging the 200 SMA suggesting a consolidation in the near term. Immediate resistances are seen at 0.9067 and 0.9081, according to the Technical Confluences Indicator.
Additional key levels
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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