EUR/GBP loses the 20-day SMA ahead of key British economic data EURGBP Crosses Currencies
All eyes are now on labour market and inflation data from the UK.At the start of the week, the EUR/GBP fell below the 20-day Simple Moving Average near the 0.8605 area. No relevant data releases will feature on Monday’s economic calendar as attention shifts fo high-tier data released from both blocks later in the week.
On the GBP’s side, on Tuesday, the Office for National Statistics will release key labour market data, including earning figures from the three months up to June and Claimant Counts numbers from July. In addition, on Wednesday, inflation data will be released from July, and overall figures are expected to show a robust labour market and decelerating inflation.
On the European side, markets await Gross Domestic Product preliminary figures for Q2 from the Eurozone, which is expected to have stagnated, and the Harmonized Index of Consumer Prices from July, which will be released on Friday.The daily chart suggests that a neutral to bearish trend becomes evident for EUR/GBP, with the bears gradually taking control.
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