Source: PaxForex Premium Analytics Portal, Fundamental Insight
The UK Jobless Claims Change for October came in at 26.7K. Economists predicted a figure of 30.5K. Forex traders can compare this to the UK Jobless Claims Change for September, reported at 10.1K.
The UK Employment Change for the tri-monthly period ending in September came in at 219K, and the ILO Unemployment Rate at 4.3%. Forex traders can compare this to the UK Employment Change for August, reported at 373K, and the ILO Unemployment Rate, reported at 4.0%. Average Weekly Earnings for the tri-monthly period ending in September increased 4.3% annualized, and Average Weekly Earnings Excluding Bonuses rose 4.8% annualized. Economists predicted a rise of 3.9% and 4.7%. Forex traders can compare this to Average Weekly Earnings for August, which rose 3.9%, and Average Weekly Earnings Excluding Bonuses, which increased 4.9%.
The Final German CPI for October rose 0.4% monthly and 2.0% annualized. Economists predicted an increase of 0.4% and 2.0%. Forex traders can compare this to the German CPI for September, which was flat at 0.0% monthly and rose 1.6% annualized. The Final EU Harmonized German CPI for October increased by 0.4% monthly and 2.4% annualized. Economists predicted an expansion of 0.4% and 2.4%. Forex traders can compare this to the EU Harmonized German CPI for September, which decreased 0.1% monthly and increased 1.8% annualized.
The German ZEW Survey Current Situation Index for November is predicted at -86.0, and the German ZEW Survey Economic Sentiment Index at 13.2. Forex traders can compare this to the German ZEW Survey Current Situation Index for October, reported at -86.9, and the German ZEW Survey Economic Sentiment Index, reported at 13.1. The Eurozone ZEW Survey Economic Sentiment Index for November is predicted at 20.5. Forex traders can compare this to the Eurozone ZEW Survey Economic Sentiment Index for October, reported at 20.1.
The forecast for the EUR/GBP turned bullish after this currency pair corrected into its horizontal support area. The Tenkan-sen and the Kijun-sen have flatlined, suggesting the absence of short-term selling pressure. The Senkou Span A of the Ichimoku Kinko Hyo Cloud is moving higher and narrowing the gap to the flat Senkou Span B, pointing towards the increase of medium-term bullishness. Traders should also monitor the CCI in extreme oversold territory after recording a higher low. A breakout above -100 could trigger the next leg higher. Can bulls regain control over the EUR/GBP and push price action into its horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the EUR/GBP remain inside the or breakout above the 0.8260 to 0.8315 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8300
- Take Profit Zone: 0.8420 – 0.8450
- Stop Loss Level: 0.8200
Should price action for the EUR/GBP break down below 0.8260, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8200
- Take Profit Zone: 0.8100 – 0.8150
- Stop Loss Level: 0.8260
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