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10.12.2019

ZEW Economic Sentiment. EU, 12:00 (GMT+2)

At 12:00 (GMT+2), the December EU business sentiment index from ZEW will be published. The indicator reflects the difference between the shares of institutional investors and analysts who are optimistic and pessimistic. It is expected that the number of pessimists in the European economy will increase, the figure may be –17.7 points. The implementation of the forecast may put pressure on the euro.

German ZEW Economic Sentiment. Germany, 12:00 (GMT+2)

At 12:00 (GMT+2), the December index of business sentiment in Germany from ZEW will be published. The indicator reflects the difference between the shares of institutional investors and analysts who are optimistic and pessimistic. It is expected that the number of optimists in the German economy may exceed the number of pessimists for the first time in eight months. According to forecasts, the figure will be 0.3%, which may support the euro.

Industrial Production. United Kingdom, 11:30 (GMT+2)

At 11:30 (GMT+2), UK data on industrial production for October will be published. The indicator fixes the level of change in the volume of industrial production and utilities in the country. The calculation takes into account the manufacturing and mining industries, as well as the electric power industry. It is expected that for October, the volume of industrial production will increase by 0.2%, and the volume of production in the manufacturing industry will decrease by 0.1%, which, however, is less than the September reduction (by 0.4%). A forecast may support the pound.

GBP/USD: wave analysis

The pair may grow.

On the 4-hour chart, the first wave 1 develops within the started third wave (3) of the higher level. Now, a downward correction has ended as the wave iv of 1, and the fifth wave v of 1 develops, within which the third wave of the lower level (iii) of v is forming. If the assumption is correct, the pair will grow to the levels of 1.3275–1.3387. In this scenario, critical stop loss level is 1.3026.