Don’t waste your time – keep track of how NFP affects the US dollar!

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Follow us on Facebook

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

FBS Mobile Personal Area

FREE - In Google Play

View
EUR/GBP: is there more room to fall?

EUR/GBP: is there more room to fall?

Information is not investment advice

The pound gained due to upbeat UK’s PMI and vaccine news. Let’s analyze the chart.

What happened?

Today is the day of PMI reports from EU countries, the UK, and the USA. The Eurozone PMI report came out mixed: the growth of the manufacturing industry slightly exceeded expectation, whereas services rose less than expected. There is no surprise as bars, restaurants, and businesses in the hospitality and tourism sectors have really tough times these days. Bloomberg has even claimed that the fresh virus resurgence pushed the euro area into another contraction. At the same time, UK’s PMI reports beat estimates.

UK Prime Minister Boris Johnson claimed that he is ready to make a political intervention to boost the Brexit development. His aim is to reach a deal by the next week. That news increased the demand for the pound as well as the optimistic vaccine report of the AstraZeneca/Oxford University. In comparison with vaccines of Moderna and Pfizer, this one has a lower efficacy rate but still offers many advantages. It’s cheaper, faster to produce, and easier to store.

Technical tips

The vaccine news and upbeat UK PMI reports drove the GBP higher, and therefore EUR/GBP lower. The pair is trading inside of the descending channel. Today it has reached the strong support of 0.8870, which it has failed to reach many times this year, that’s why the price pulled back. If it jumps above the high of October 10 at 0.8930, it may rise to the next resistance of 0.8957. Support levels are 0.8870 and 0.8850.

EURGBPH4.png

LOG IN

Similar

Popular

Choose your payment system

Learn more

Callback

Please fill in the form below so we can contact you

Select the best time for us to call you. We give calls from Monday to Friday in suggested intervals. In case we couldn't get through, we will try again at the same time the next day. For getting real-time assistance, use FBS chat.

We provide only English-speaking callbacks. If you prefer any other languages, contact the support team.

We will call you at the time interval that you chose

Change number

Your request is accepted.

We will call you at the time interval that you chose

Next callback request for this phone number will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later