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Market Analysis

EURGBP Recovers Above 0.8450 Ahead of Eurozone Industrial Production Data
Amos Simanungkalit · 8.3K Views

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The EUR/GBP pair continued its upward movement, reaching 0.8455 during early European trading on Thursday. This recovery follows a bounce from its lowest level since August 2022, around 0.8418, fueled by lackluster UK economic data. 


April's UK Gross Domestic Product (GDP) showed no growth, matching expectations, while Industrial Production declined by 0.9% month-on-month, contrasting with a slight increase in March and worse than the anticipated -0.1%.

Meanwhile, the Euro gained support from a less dovish stance by the European Central Bank (ECB) as President Christine Lagarde tempered expectations for further interest rate cuts in July, opting to await upcoming economic indicators. 


Market focus now shifts to Thursday's release of Eurozone Industrial Production figures for April, projected to show a 0.2% increase from March's 0.6%. However, concerns over the Eurozone's manufacturing sector could limit EUR strength and restrain gains in the EUR/GBP pair.

 

EURGBP

 

OVERVIEW
Today last price 0.8454
Today Daily Change 0.0008
Today Daily Change % 0.09
Today daily open 0.8446
 
TRENDS
Daily SMA20 0.8508
Daily SMA50 0.8548
Daily SMA100 0.8548
Daily SMA200 0.8599
 
LEVELS
Previous Daily High 0.8452
Previous Daily Low 0.8418
Previous Weekly High 0.8536
Previous Weekly Low 0.8489
Previous Monthly High 0.8621
Previous Monthly Low 0.8484
Daily Fibonacci 38.2% 0.8439
Daily Fibonacci 61.8% 0.8431
Daily Pivot Point S1 0.8425
Daily Pivot Point S2 0.8405
Daily Pivot Point S3 0.8392
Daily Pivot Point R1 0.8459
Daily Pivot Point R2 0.8472
Daily Pivot Point R3 0.8493

 

 

Paraphrasing text from "FX Street" all rights reserved by the original author.

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