EUR/GBP approaches 0.7300 on PMIs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The cross in the EUR/GBP regained lost momentum and marched higher following the release of the German services and manufacturing PMI reports.

    EUR/GBP rises from 0.7270

    Currently, the EUR/GBP pair trades 0.28% higher at 0.7288, heading towards 0.73 barrier. The cross trades firmer largely on renewed sterling weakness ahead of the UK jobs report while the EUR/USD drifts lower, unimpressed by the upbeat German PMI reading.

    The preliminary PMI reading for Germany's factory industry came in at 53.0, up from November's final reading of 52.9. Markets had predicted a rise to 52.8 points.

    Meanwhile, markets now await the key UK’s jobs report for further momentum on the cross while the Fed decision is expected to hog the limelight in the day ahead.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7300 (round number), above which it could extend gains to 0.7311 (daily R1). To the downside immediate support might be located at 0.7240 (100--DMA) below that at 0.7195 (200-DMA).
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