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EUR/GBP in red, wobbles around 0.7800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/GBP remains on the defensive today following a soft tone in the common currency, currently navigating sub-0.7800 levels.

    EUR/GBP a tad lower on PMIs

    The European cross has come under further selling pressure after mixed results from manufacturing PMIs in Euroland, where the German and EMU prints have surprised to the upside, while the Spanish, French and Italian readings have missed consensus.

    On the opposite direction, the sterling is confirming its upside bias after recent multi-month lows, collaborating with today’s decline in the cross.

    Data wise in the UK economy, February’s manufacturing PMI has come in on the weak side at 50.8 vs. 52.2 expected and January’s 52.9.

    EUR/GBP key levels

    The European cross is now losing 0.10% at 0.7807 facing the next support at 0.7756 (2-month uptrend) ahead of 0.7523 (low Feb.3). On the flip side, a breakout of 0.7977 (high Dec.1 2014) would expose 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014).
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