FxWirePro: EUR/GBP slumps lower, pound gains traction post-UK jobs data

EUR/GBP Chart Courtesy Trading View 

EUR/GBP was trading 0.32% lower on the day at 0.8443 at around 09:15 GMT.

The pair is extending weakness for the 3rd consecutive session, bias is bearish.

British pound gained positive traction on Tuesday after mostly upbeat UK employment details.

Data released from the UK showed that the jobless rate declined more than expected, to 4.3% during the three months to September. 

Further, number of people claiming unemployment-related benefits dropped by 14.9K in October as against the fall of 51.1K reported in the previous month.

Overnight hawkish comments by the Bank of England (BOE) Governor Andrew Bailey kept the pound buoyed.

Bailey said that he was very uneasy about the inflation outlook and that all future policy meetings are now in play for a rate rise.

Technical indicators for the pair are biased lower. Rejection at 200-DMA has reinforced downside. Dip till 0.8165 likely.

Focus on Brexit-related headlines, which will play a key role in influencing the sentiment surrounding the sterling.