Forex: EUR/GBP: Long descent continues

on Nov 11, 2013
Updated: Oct 21, 2019
Listen Monday, November 11th:_ The EUR/GBP last week continued its long descent from the 25 February high of 0.8814, shedding 1.17 percent intraweek. The pair opened at 0.8460, reached a high at 0.8475 and then declined to its lowest point since 17 January at 0.8299. The psychological level of 0.8300 offered support and the price rebounded to close at 0.8343. The pair also found support right above the 89-week simple moving average, currently positioned at 0.8291.

The fall last week was supported to some extent by a rise in the UK Services PMI to 62.5 points in October but was mainly due to the European Central Bank’s rate cut. The Minimum Bid Rate is down to a record low 0.25 percent from 0.50. In the UK though, the Bank of England kept its Asset Purchase Facility at £375 billion and the Official Bank Rate at 0.50 percent.

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The pair opened today at 0.8339and then reached a new low at 0.8337 before ascending. The intraday high so far is at 0.8361 and at press time the pair is pricing at 0.8357.
Industrial Production m/m in Italy grew by 0.2 percent in September, matching expectations and being the first gain since June.

Deutsche Bundesbank president Jens Weidmann is due to speak in Basel at 17.00 UTC today, with his address entitled, “The euro area between personal responsibility and community responsibility. Switzerland as a hint?”
There is no UK data on the economic calendar schedule today and the pair will likely be driven by Eurozone reports and general market sentiment.
Resistances today: 0.8355, 0.8385 and 0.8400.
Supports: 0.8340, 0.8325 and 0.8300.
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EUR Forex