Chart - Courtesy Trading View
Spot Analysis:
EUR/GBP was trading 0.24% higher on the day at 0.8639 at around 13:20 GMT.
Previous Week's High/ Low: 0.8643/ 0.8614
Previous Session's High/ Low: 145.00/ 140.76
Fundamental Overview:
Data released by Eurostat on Wednesday showed Euro area Q3 seasonally adjusted Gross Domestic Product (GDP) expanded at an annual rate of 2.3%, beating forecasts at 2.1% and followed a 4.2% prior.
Further, the Euro area Employment Change was up 1.8%on a yearly basis in the third quarter, slightly higher than the market expectation of 1.7%.
Germany's Industrial Output decreased by 0.1% MoM in October vs. -0.5% expected and 0.6% prior, the federal statistics authority Destatis reported on Wednesday.
On an annualized basis, German Industrial Production arrived at 0% in October versus 2.6% prior and 2.3% forecasted.
Technical Analysis:
- EUR/GBP has broken above 110-EMA resistance
- Price action is testing 21-EMA resistance at 0.8645
- The pair has snapped a 4-week bearish streak
- GMMA indicator has turned bearish on the intraday charts
Major Support and Resistance Levels:
Support - 0.8612 (200H MA), Resistance - 0.8661 (55-EMA)
Summary: EUR/GBP has edged above 110-EMA which was capping upside from the past few session. Watch out for close above for further upside.
