The EUR/GBP pulled back from recent highs to settle into 0.8660 after reaching a session peak of 0.8706. The Euro (EUR) couldn't hang onto gains again
Economic calendar kicks off the end-week with EU CPI & UK GDP figures for Friday.The EUR/GBP pulled back from recent highs to settle into 0.8660 after reaching a session peak of 0.8706.Sterling and lost the 0.8700 handle as markets gear up for the Thursday trading session. drop their latest Economic Bulletin, which is published two weeks after each Governing Council meeting.
The ECB has backed away from rate increases for the time being, and with the European economy on shaky ground it is unlikely that the central bank will be planning additional rate hikes any time soon.Thursday will also see EU Consumer Confidence figures for September, and markets are forecasting the print to match the previous month's release at -17.8 as European consumers continue to fear growing recession conditions within the EU.
EU Consumer Price Index inflation numbers will be dropping on Friday at 09:00 GMT, and markets are forecasting the annualized September CPI inflation reading to clock in a half-percent decline from 5.3% to 4.8%.The EUR/GBP has slipped back to the 0.8660 level in intraday trading after losing the day's high above 0.8700, and daily candlesticks see the pair facing a rejection from the 200-day Simple Moving Average in the near-term, currently pricing in near 0.8710.
The EUR/GBP is up over 1.5% from the last swing low into 0.8530, breaking cleanly through the descending trendline from July's failed run at the 0.8700 handle, a level that looks set to continue providing technical resistance as the Euro-Pound Sterling pair struggles to find long-term momentum.
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