EUR/GBP Easing Back Towards 0.8700 Heading Into Data Double-Header

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The EUR/GBP is seeing downside drift ahead of Tuesday’s data headliners.

The Euro is falling back after last week’s steady climb.

Up Next: UK wages & labor, EU labor & GDP.

The  is softening ahead of a key data double-header for both the EU and the UK, with labor, wages, and Gross Domestic Product (GDP) numbers.The Euro (EUR) is falling back against the Pound Sterling (GBP) heading into the Tuesday market session, declining around 0.4% peak-to-trough on Monday.UK Average Earnings for the 3rd quarter is expected to decline slightly from 7.8% to 7.7%, while earnings including bonuses is expected to tick downward at a fast pace, from 8.1% to 7.4%.The UK will also be seeing Employment Change for September, which last showed the UK shed 82 thousand jobs over the month, while Claimant Count Change in October showed an increase in unemployment benefits seekers to the tune of nearly 20.5 thousand.On the EU side, quarter-on-quarter Employment Change for the 3rd quarter is expected to show a moderate 0.2% gain, while the EU’s pan-continental GDP for the quarter is expected to print at a steady reading of -0.1%.
 EUR/GBP Technical OutlookThe Euro is falling back into the 200-hour Simple Moving Average (SMA) Against the Pound Sterling, paring back some of the pair’s gains from last week.Monday’s decline trims away gains from the swing high into 0.8755, slipping into the bearish side of a rising trendline from last week’s low bids near 0.8650.With the EUR/GBP drifting towards the midrange in the near-term, bidders will be waiting for a downside break of the 0.8700 handle before re-upping positions, while sellers will be considering a trimming below the same level.
 EUR/GBP Hourly Chart(Click on image to enlarge)

EUR/GBP Technical Levels
EUR/GBP

OVERVIEW Today last price 0.8715 Today Daily Change -0.0025 Today Daily Change % -0.29 Today daily open 0.874 TRENDS Daily SMA20 0.8703 Daily SMA50 0.8659 Daily SMA100 0.8622 Daily SMA200 0.8689 LEVELS Previous Daily High 0.8756 Previous Daily Low 0.8716 Previous Weekly High 0.8756 Previous Weekly Low 0.865 Previous Monthly High 0.8754 Previous Monthly Low 0.8616 Daily Fibonacci 38.2% 0.874 Daily Fibonacci 61.8% 0.8731 Daily Pivot Point S1 0.8718 Daily Pivot Point S2 0.8697 Daily Pivot Point S3 0.8679 Daily Pivot Point R1 0.8758 Daily Pivot Point R2 0.8777 Daily Pivot Point R3 0.8798

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