Source: PaxForex Premium Analytics Portal, Fundamental Insight
The French Business Survey for November is predicted at 98. Forex traders can compare this to the French Business Survey for October, reported at 98.
The Preliminary French HCOB Manufacturing PMI for November is predicted at 43.1, the Preliminary French HCOB Services PMI at 45.6, and the Preliminary French HCOB Composite PMI at 45.0. Forex traders can compare this to the French HCOB Manufacturing PMI for October, reported at 42.8, the French HCOB Services PMI at 45.2, and the French HCOB Composite PMI at 44.6.
The Preliminary German HCOB Manufacturing PMI for November is predicted at 41.2, the Preliminary German HCOB Services PMI at 48.5, and the Preliminary German HCOB Composite PMI at 46.5. Forex traders can compare this to the German HCOB Manufacturing PMI for October, reported at 40.8, the German HCOB Services PMI at 48.2, and the German HCOB Composite PMI at 45.9.
The Preliminary Eurozone HCOB Manufacturing PMI for November is predicted at 43.4, the Preliminary Eurozone HCOB Services PMI at 48.1, and the Preliminary Eurozone HCOB Composite PMI at 46.9. Forex traders can compare this to the Eurozone HCOB Manufacturing PMI for October, reported at 43.1, the Eurozone HCOB Services PMI at 47.8, and the Eurozone HCOB Composite PMI at 46.5.
The UK S&P Global/CIPS Manufacturing PMI for November is predicted at 45.0, the UK S&P Global/CIPS Services PMI at 49.5, and the UK S&P Global/CIPS Composite PMI at 48.7. Forex traders can compare this to the UK S&P Global/CIPS Manufacturing PMI for October, reported at 44.8, the UK S&P Global/CIPS Services PMI at 49.5, and the UK S&P Global/CIPS Composite PMI at 48.7.
The forecast for the EUR/GBP is cautiously bearish after this currency pair advanced into its horizontal resistance area before the uptrend stalled amid a rise in bearish pressures. The Kijun-sen and the Tenkan-sen have flatlined, and price action trades in between until the next catalyst emerges. Confirming the stand-off between bulls and bears is the Ichimoku Kinko Hyo Cloud with the Senkou Span A and the Senkou Span B flat, pausing the previously established upward shift. Traders should also monitor the CCI after its double breakdown from extreme overbought territory and below zero. This technical indicator has plenty of downside potential and could lead this currency pair into a correction. Will bears overpower bulls and take control over the EUR/GBP to force price action into its horizontal support 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 breakdown below the 0.8705 to 0.8730 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8270
- Take Profit Zone: 0.8600 – 0.8630
- Stop Loss Level: 0.8750
Should price action for the EUR/GBP breakout above 0.8730, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8750
- Take Profit Zone: 0.8795 – 0.8820
- Stop Loss Level: 0.8730
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