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EUR/GBP little changed post-PMI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - EUR/GBP continues to trade in a narrow range today, currently hovering over the 0.7330 area post-PMI in the UK economy.

    EUR/GBP clings to gains on weak PMI

    The European cross remains close to yesterday’s closing levels after the significant Services PMI in the UK economy has missed expectations during last month, coming in at 55.5 vs. 55.6 expected and November’s 55.9.

    Previously in the euro region, German and EMU’s Services PMI have come in on the stronger side ahead of the key FOMC minutes due later in the NA session.

    EUR/GBP levels to consider

    As of writing the cross is up 0.01% at 0.7329 with the next resistance at 0.7420 (high Jan.4) followed by 0.7496 (high Oct.13) and finally 0.7600 (psychological level). On the flip side, a breach of 0.7299 (61.8% Fibo of 0.7496-0.6979) would expose 0.7256 (100-day sma) and then 0.7188 (55-day sma).
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