Yesterdays trade saw EUR/GBP within the range of 0.7317-0.7386. The pair closed at 0.7329, falling 0.60%, or the first loss in the past five trading days.
At 7:44 GMT today EUR/GBP was down 0.26% for the day to trade at 0.7311. The pair touched a daily low at 0.7310 at 7:45 GMT.
Fundamentals
Euro Area
Italian Industrial orders
At 9:00 GMT Italy’s National Institute of Statistics is expected to release a report on industrial new orders in January. The annualized new orders (without a seasonal adjustment) increased 5.8% in December, following six months of declines. In monthly terms, the indicator registered a 4.5% increase in December after a 0.8% drop in the prior month. It measures the change in value of new orders, received by industrial sector companies, for delivering a variety of products. Only enterprises with over 20 employees are included in the survey. New orders are closely related with future industrial activity. In case the indicator rose in value, this might have a limited bullish effect on the euro.
Italian Retail sales
Annualized retail sales in Italy probably decreased at a pace of 0.4% in January, according to expectations, following a 0.1% uptick in December and seven consecutive months of declines. In monthly terms, retail sales probably rose 0.1% in January, following a 0.2% drop in December. This indicator reflects the change in the total value of inflation-adjusted sales by retailers in the country and provides key information regarding the consumer spending trend, while the latter is a key driving force behind economic growth. In case the monthly retail sales index increased at a faster-than-expected pace, this might have a limited bullish effect on the euro. The National Institute of Statistics (Istat) is to release the official report at 10:00 GMT.
United Kingdom
BoE Carney Statement
At 8:45 GMT the Governor of Bank of England, Mark Carney, is scheduled to take a statement. High volatility of the pound crosses is usually present during his speeches.
Pivot Points
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 0.7344. In case EUR/GBP manages to breach the first resistance level at 0.7371, it will probably continue up to test 0.7413. In case the second key resistance is broken, the pair will probably attempt to advance to 0.7440.
If EUR/GBP manages to breach the first key support at 0.7302, it will probably continue to slide and test 0.7275. With this second key support broken, the movement to the downside will probably continue to 0.7233.
The mid-Pivot levels for Monday are as follows: M1 – 0.7254, M2 – 0.7289, M3 – 0.7323, M4 – 0.7358, M5 – 0.7392, M6 – 0.7427.
In weekly terms, the central pivot point is at 0.7208. The three key resistance levels are as follows: R1 – 0.7327, R2 – 0.7415, R3 – 0.7534. The three key support levels are: S1 – 0.7120, S2 – 0.7001, S3 – 0.6913.
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