FxWirePro: EUR/GBP spikes over 1.80%, pound dives as poor UK data raise fears of deep recession

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FxWirePro: EUR/GBP spikes over 1.80%, pound dives as poor UK data raise fears of deep recession

Friday, September 23, 2022 3:09 PM UTC

Chart - Courtesy Trading View

EUR/GBP Spikes over 1.80%, hits fresh two-year highs, outlook bullish.

UK’s consumer confidence and business activity disappoint, increasing fears of a deep recession, denting the pound across the board.

UK GfK consumer confidence index dived to a record low of -44, levels last seen in 1974.

UK's Composite PMI Index slipped lower from 49.6 in August to 48.4, reigniting recessionary fears.

Further, the Services Index fell to 49.2 from 50.9 in August, while the Manufacturing PMI bounced from 47.3 to 48.5, still in contraction territory.

Technical bias for the pair is strongly bullish, GMMA indicator shows major and minor trend are bullish.

Price action is extending break above 200-week MA, scope for fresh multi-month highs.

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