GBP Trading Outlook
The Sterling (GBP) was quite stable against the greenback but lost further ground against the Euro. GBP/USD found support at 1.5850 again and crept higher. UK Retail Sales missed at -0.8% vs. -0.1% previously. Looking ahead, Buba President Weidmann Speaks.
The Sterling (GBP) spent most of the day between 1.5860-1.5900. But sellers remain in control for now with the Euro led weakness dominating the market. Strong support is seen at the 1.5850-60 where the 200 DMA is major technical level. Looking ahead, UK Claimant Count forecast at -0.5k vs. -4.0k previously. Also September UK Unemployment Rate forecast at 7.9% vs. 7.9% previously.
The Sterling (GBP) remained weak with GBP/USD breaking through 1.5900 and continuing to grind lower in Asia today. The 200DMA is close at 1.5850 and could provide some support. GBP Crosses are weighing with GBP/AUD slumping and EUR/GBP back above 0.8020. Looking ahead, October CPI forecast at 2.3% vs. 2.2%. November German ZEW Survey forecast at -9.8% vs. -11.5%.
The Sterling (GBP) ended the week on the back foot down at the 1.5900 level with risk aversion weighing and crosses failing to support. EUR/GBP remains close to the 0.8000 level but GBP/JPY has fallen to Y126 down from Y129 at the start of last week. Looking ahead, Eurogroup meeting.
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