Source: PaxForex Premium Analytics Portal, Fundamental Insight
The German GfK Consumer Confidence Survey for November came in at -28.1. Economists predicted a figure of -26.6. Forex traders can compare this to the German GfK Consumer Confidence Survey for October, reported at -26.7.
The Preliminary French HCOB Manufacturing PMI for October is predicted at 44.4, the Preliminary French HCOB Services PMI at 44.6, and the Preliminary French HCOB Composite PMI at 44.4. Forex traders can compare this to the French HCOB Manufacturing PMI for September, reported at 44.2, the French HCOB Services PMI at 44.4, and the French HCOB Composite PMI at 44.1.
The Preliminary German HCOB Manufacturing PMI for October is predicted at 40.0, the Preliminary German HCOB Services PMI at 50.0, and the Preliminary German HCOB Composite PMI at 46.7. Forex traders can compare this to the German HCOB Manufacturing PMI for September, reported at 39.6, the German HCOB Services PMI at 50.3, and the German HCOB Composite PMI at 46.4.
The Preliminary Eurozone HCOB Manufacturing PMI for October is predicted at 43.7, the Preliminary Eurozone HCOB Services PMI at 48.7, and the Preliminary Eurozone HCOB Composite PMI at 47.4. Forex traders can compare this to the Eurozone HCOB Manufacturing PMI for September, reported at 43.4, the Eurozone HCOB Services PMI at 48.7, and the Eurozone HCOB Composite PMI at 47.2.
The UK Jobless Claims Change for September came in at 20.4K. Economists predicted a figure of 2.3K. Forex traders can compare this to the UK Jobless Claims Change for August, reported at -9.0K.
The UK S&P Global/CIPS Manufacturing PMI for October is predicted at 44.7, the UK S&P Global/CIPS Services PMI at 49.3, 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 September, reported at 44.3, the UK S&P Global/CIPS Services PMI at 49.3, and the UK S&P Global/CIPS Composite PMI at 48.5.
UK Labor Productivity for the second quarter is predicted to decrease by 0.7% quarterly. Forex traders can compare this to UK Labor Productivity for the first quarter, which contracted by 1.4% quarterly.
UK CBI Industrial Industrial Trends Orders for October are predicted at -16. Forex traders can compare this to CBI Industrial Trends Orders for September, reported at -18.
The forecast for the EUR/GBP remains bearish after this currency pair advanced into its horizontal resistance area, which rejected a continuation. Volatility could increase with the Kijun-sen and the Tenkan-sen drifting higher. The Ichimoku Kinko Hyo Cloud may attract price action like a magnet, with the Senkou Span B flat. Traders should also monitor the CCI after moving out of extreme overbought territory. This technical indicator has plenty of downside potential, and a move below zero could accelerate the expected sell-off. Can bears overpower bulls and pressure the EUR/GBP 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 0.8665 to 0.8715 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8700
- Take Profit Zone: 0.8565 – 0.8600
- Stop Loss Level: 0.8740
Should price action for the EUR/GBP breakout above 0.8715, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8740
- Take Profit Zone: 0.8795 – 0.8820
- Stop Loss Level: 0.8715
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