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EUR/GBP drops ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The buying interest on the GBP spiked, pushing the EUR/GBP pair into losses ahead of the data in the UK, which could show the manufacturing activity growth slowed down slightly in October.

    Losses capped by upbeat EZ PMIs

    The downside appears capped by a slightly upbeat manufacturing PMI reports released across the Eurozone. The German and Eurozone PMIs were revised slightly upwards from the preliminary upwards, which helped the EUR/USD pair add 10-15 pips.

    However, that was not enough to counter the rise in the GBP/USD pair to a high of 1.5460. The immediate focus now is on the UK October final PMI manufacturing report.

    EUR/GBP Technical Levels

    At 0.7137, the immediate support is seen at 0.7123 (previous day’s low), under which the pair could extend the drop to 0.71 handle. A break below the same would expose 0.7054 (July 6 low). On the higher side, 0.7144 (Oct 29 low) could offer resistance followed by a rise to 0.7177 (5-DMA).
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