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EUR/GBP buoyed by drop in German unemployment rate

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/GBP clocked a fresh session high of 0.7026 after the German unemployment rate for November was reported lower at 6.3% from Sep’s 6.4%.

    Awaits UK PMI

    The shared currency was buoyed by an upward revision of the German manufacturing PMI and by the drop in the jobless rate. But, the cable clocked a fresh high of 1.5125 ahead of the UK PMI report, which pushed the EUR/GBP cross back to 0.7020 levels.

    The focus now is on the UK manufacturing PMI data, which is expected to show the pace of expansion in the activity slowed down in November.

    EUR/GBP Technical Levels

    At 0.7020, the immediate resistance is seen at 0.7026 (hourly 200-MA), above which gains could be extended to 0.7051 (Nov 30 high+hourly chart resistance). On the other side, support is seen at 0.70 and 0.6981 (Nov 18 low).
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