FxWirePro: EUR/GBP Daily Outlook

Chart - Courtesy Trading View 

EUR/GBP was trading 0.18% higher on the day at 0.8616 at around 14:00 GMT.

The pair is capped between 200-DMA and 110-EMA in the past few sessions, breakout will provide clear direction.

Price action hovers around 200H MA, GMMA indicator has turned bullish on the intraday charts.

Data released by the Federal Statistics Office showed that German Factory Orders rose 0.8% in October against -0.2% estimated and compared to -4.0% fall in the previous month.

On an annualized basis, Germany’s Industrial Orders arrived at -3.2% in the reported month vs. -7.5% expected and -10.8% previous.

On the other side, British Retail Consortium (BRC) Like-For-Like Retail Sales jumped 4.1% YoY in November versus 1.2% prior.

Final readings of the UK’s November S&P Global/CIPS Composite PMI eased to 48.2 versus 48.3 initial forecasts, whereas the S&P Global/CIPS Services PMI confirmed the 48.8 flash estimates.

Downbeat UK data seen on Monday along with upbeat German Factory Orders data released earlier on Tuesday offer additional support to the pair.

Weakness only below 200-DMA. Watch out for break above 110-EMA for further upside.