GBP/EUR remains in a fairly tight downward channel on the short term timeframe chart. However there is some indication the rate has found a short term technical bottom which makes it more likely that the rate could rise from here without any global news catalyst pushing it down.
Versus the Dollar things look a little less rosy as the technical bottom has been breached. However it's also unlikely the rate should fall further without a global news story as all the GDP and rate data has now been priced in.
The Swedish Krona also remains fairly stable today and doesn't appear to be gaining any further strength.
Looking ahead it's mainly US data following their close yesterday for Veterans Day. Over the weekend there is preliminary GDP information out from Europe and Chinese Retail Sales that could cause a stir ahead of the markets reopening after the weekend.
As ever we look forward to keeping you in the loop and look out for our next update.
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Today’s Economic Calendar
US: 15:00 Michigan Consumer Sentiment Index
EUR: Saturday 10:00 Preliminary GDP Data
UK: Sunday Midnight Rightmove House Prices
CHN: Monday 02:00 Retail Sales Data
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