The EURGBP cross was holding above the 100 day moving average and was seen trading 0.20% higher during the London session on Monday, hovering around 0.88200 in the morning.
The macroeconomic calendar is empty today and therefore volatility could be subdued throughout the day.
Sterling investors will focus on Tuesday’s UK labor market data, where the unemployment claims are expected to tick higher to 13,300 from 11,600 previously. Wage growth is projected to moderate slightly to 2.7% annually. Somewhat negative data might help the EURGBP cross to advance toward the 200 day moving average.
The first support for the cross is seen at the 100 day moving average around 0.88 and if not held, the price might deteriorate toward the 50 day moving average near 0.8775.
On the other hand, the resistance is around 0.8835 and if bulls clear this area, they might be able to push the cross to the 200 day moving average, which is seen at 0.8875.
The trend remains choppy and the price could break out or down to set a new direction for the near days. In all cases we strongly recommend to have rigorous money and risk management.
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