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On Tuesday, the euro attempted to recover against the British pound, reducing earlier losses after buyers showed interest in the dip near the 0.8650 level.
The macroeconomic situation in the UK remains mixed. The Bank of England continues on a path of gradual monetary easing, balancing persistent risks in the labor market with inflation that exceeds the 2% target.
Recent labor market data indicate weak labor demand alongside continued wage growth, complicating the central bank's decision-making. Investors are now focused on the upcoming publication of the UK's November monthly GDP data, which is expected to show stagnation after a 0.1% decline in October. Exact figures for industrial and manufacturing production for the same period will also be important indicators of the economy's year-end dynamics. These news releases can provide better trading opportunities in the EUR/GBP pair.
In Europe, the European Central Bank is likely to keep interest rates unchanged in the coming months, as inflation stabilizes around the 2% target. In such conditions, monetary policy is not the primary driver of the euro's movement; external factors are.
From a technical point of view, the nearest support is at 0.8664; below it is Tuesday's low — if that does not hold, the pair will fall to the 200-day SMA, then accelerate the decline toward the round level 0.8600. The nearest resistance is at the 9-day EMA, then the 14-day EMA, and the round level 0.8700. Oscillators are negative; despite a weakening of the bearish impulse, the pair remains under bearish control.
The table below shows the percentage change of the euro against major currencies on Tuesday. The euro showed the strongest dynamics against the Japanese yen.
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