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1 Sep 2015
EUR/GBP little changed post UK data
FXStreet (Mumbai) - EUR/GBP clinged to gains in the upper band of 0.73 handle during the European session, as the cross remained little affected by the UK manufacturing PMI which missed expectations.
EUR/GBP unmoved by UK data
Currently, the EUR/GBP pair trades 0.77% higher at 0.7363, finding it difficult to extend beyond 0.7370 area. The EUR/GBP cross remains strongly bid as the British currency lost ground and fell in to losses after the UK manufacturing sector improved less than expected.
The UK's manufacturing PMI for August declined from 51.9 to 51.5, the Office for National Statistics informed market participants on Tuesday.
However, the gains in the EUR/GBP cross remains intact as the EUR/USD continues to extend higher backed by upbeat EZ PMIs and persisting risk-aversion.
The German manufacturing PMI booked 53.3 points during August, following the 51.8 snatched in July, Markit Economics reported. While the final manufacturing PMI for the euro zone came in at 52.3 points in August, a notch below July's reading. Markets had bet on a reading of 52.4 points.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7400 levels and above which it could extend gains 0.7423 (Aug 24 High) levels. To the downside immediate support might be located at 0.7305 (Today’s Low) below that at 0.7243 (Aug 31 Low).
EUR/GBP unmoved by UK data
Currently, the EUR/GBP pair trades 0.77% higher at 0.7363, finding it difficult to extend beyond 0.7370 area. The EUR/GBP cross remains strongly bid as the British currency lost ground and fell in to losses after the UK manufacturing sector improved less than expected.
The UK's manufacturing PMI for August declined from 51.9 to 51.5, the Office for National Statistics informed market participants on Tuesday.
However, the gains in the EUR/GBP cross remains intact as the EUR/USD continues to extend higher backed by upbeat EZ PMIs and persisting risk-aversion.
The German manufacturing PMI booked 53.3 points during August, following the 51.8 snatched in July, Markit Economics reported. While the final manufacturing PMI for the euro zone came in at 52.3 points in August, a notch below July's reading. Markets had bet on a reading of 52.4 points.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7400 levels and above which it could extend gains 0.7423 (Aug 24 High) levels. To the downside immediate support might be located at 0.7305 (Today’s Low) below that at 0.7243 (Aug 31 Low).