EURGBP Pressurized by Bears Under EMA50

EURGBP1D
Short
Nov 29 2021

MARKET FORECAST : (FUNDAMENTALS)

EUR/GBP takes offers to refreshes intraday low near 0.8455, down 0.23% intraday ahead of Monday’s London open.
The cross-currency pair jumped the most since early November the previous day amid grim concerns over the South African variant of the coronavirus. However, the recent positive updates concerning Omicron, as the World Health Organization (WHO) dubbed it, seem to have underpinned the market’s cautious optimism.
Even so, the UK is up for calling an emergency Group of Seven (G7) meeting to discuss the pandemic problem. “The British government announced new measures on Saturday to try to slow the spread of the new COVID-19 variant, toughening rules for people arriving in Britain and ordering the use of masks in retail settings and on public transport in England,” said Reuters.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES : (TECHNICALS)

It’s worth observing that the latest updates from the US National Institutes of Health (NIH) and Israeli covid official Professor Dror Mevorach joined Australia’s Health Minister Greg Hunt to underpin the latest rebound in the US Treasury yields and the stock futures.
Looking forward, the German Harmonized Index of Consumer Prices (HICP) for November, expected 5.4% YoY versus 4.6% prior, will offer immediate direction to the EUR/GBP price moves. Additionally, updates concerning Brexit and the covid strain, as well as comments from ECB President Christine Lagarde, adds to the watcher’s list. Failures to cross 50-DMA direct EUR/GBP sellers towards multiple lows marked during October around 0.8420 before directing the quote to the 0.8400 threshold. Additionally challenging the pair buyers is the descending trend line from September 29, near 0.8560.