FxWirePro: EUR/GBP Daily Outlook

Chart - Courtesy Trading View 

EUR/GBP was trading 0.27% higher on the day at 0.8598 at around 10:05 GMT.

The pair has erased some of the previous session's gains and has edged higher.

Major trend is neutral, while minor trend is bearish as evidenced by the GMMA indicator.

Data released earlier today showed UK’s GDP for October rose to 0.5% MoM versus -0.1% expected and -0.6% prior while the Manufacturing Production was up by 0.7% beating -0.1% market consensus and 0.0% prior reading. 

Further, the Industrial Production also surprised on the upside at 0.0% MoM compared to -0.3% expected versus 0.2% prior.

Despite upbeat data the British pound remains under pressure amid concerns of a looming recession over the British economy.

Focus now will be on Tuesday’s UK employment data ahead of the Bank of England (BOE) monetary policy meeting.

Support levels - 0.8575 (55-week EMA), 0.8545 (200-DMA)

Resistance levels - 0.8626 (110-EMA), 0.8654 (5-EMA)

Summary: EUR/GBP capped between major moving averages, breakout will provide clear direction for the pair.