Strong sentiment sees Euro-Pound posting 0.14% gain

Strong sentiment sees Euro-Pound posting 0.14% gain

Currently trading at 0.8789, Euro-Pound remains range-bound between 0.8771 and 0.8791.

Euro Zone ECB President Lagarde speech is next today at 10:30 UTC.

Meanwhile, United Kingdom Labour Productivity (Q3) released yesterday at 08:30 UTC with a figure of 0.9, while the previous figure was 1.1.

EUR/GBP made an initial breakout above its 10 day Simple Moving Average at 0.8784, a potential indicator of a newly emerging bullish phase. Euro-Pound’s lower Bollinger Band® is at 0.8725, indicating that the market is oversold and fertile for new buyers. Euro-Pound broke through the 0.8789 resistance, climbing 1 pips above it.

Following today’s unexpected gains, extensive multifactorial technical analysis forecasts Euro-Pound to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Euro-Pound is expected to pick up significant bullish sentiment in the coming days.

Elsewhere, other currency pairs are also gaining ground as USD/CHF gained 0.3% and is currently trading at 0.9225. Having closed the previous session at 1.3119, USD/SGD is up 0.21% today to currently trade at around 1.3147.

While Euro-Pound is up today, these currencies are lagging behind: GBP/JPY retreats 0.34% to trade around 160.9.

Also worthy of note, Euro Zone ECB President Lagarde speech scheduled to come out today at 10:30 UTC. Spain GDP is expected today at 08:00 UTC. Germany Buba Balz speech is scheduled for today at 17:00 UTC.

Trading mostly sideways for a month. Having set a peak of 0.9785 around 3 months ago, Euro-Pound is now trading 10.31% below this level. 

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