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4 Mar 2015
EUR/GBP rises from 7-year lows on downbeat UK data
FXStreet (Mumbai) - The pound slipped versus the shared currency, pulling away EUR/GBP from seven year lows after UK Services PMI data showed that activity in the UK services sector unexpectedly decelerated in February.
EUR/GBP rises from 0.7236 levels post data
The EUR/GBP pair trades -0.29% lower at 0.7253, retracing slightly from seven year lows posted at 0.7236 levels before UK data. EUR/GBP retreated from multi-year lows largely as the pound fell in red versus the euro on bearish services report from the Britain, backing expectations of the Bank of England (BOE) to remain in wait-and-see mode for now. Markit/CIPS PMI measure slid unexpectedly to 56.7 in February, down from 57.2 and below estimate of 57.5.
However, the cross remains pressured largely on euro weakness across the board as markets remain wary ahead of ECB’s QE launch meeting tomorrow.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7360 (20-DMA) levels. To the downside immediate support might be located at 0.7242 and below that at 0.7200 (2007 lows) levels.
EUR/GBP rises from 0.7236 levels post data
The EUR/GBP pair trades -0.29% lower at 0.7253, retracing slightly from seven year lows posted at 0.7236 levels before UK data. EUR/GBP retreated from multi-year lows largely as the pound fell in red versus the euro on bearish services report from the Britain, backing expectations of the Bank of England (BOE) to remain in wait-and-see mode for now. Markit/CIPS PMI measure slid unexpectedly to 56.7 in February, down from 57.2 and below estimate of 57.5.
However, the cross remains pressured largely on euro weakness across the board as markets remain wary ahead of ECB’s QE launch meeting tomorrow.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7360 (20-DMA) levels. To the downside immediate support might be located at 0.7242 and below that at 0.7200 (2007 lows) levels.