EUR/GBP pops and drops after UK services PMI release

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The depreciating trend in Sterling against the common currency gathered pace after the dismal UK services PMI release, pushing the EUR/GBP cross to fresh daily high of 0.7745 levels.

    Falls back to 0.7730

    The cross fell back to 0.7730 as Cable trimmed post services PMI release.

    Sterling dipped after the UK services PMI for February came-in at 52.7, which is well below the expected figure of 55.1. Cable slide to a session low of 1.4032 and the common currency is being supported by moderate risk-off in the European equities.

    Consequently, the cross hit a session high of 0.7745, before falling back to 0.7730 levels.

    EUR/GBP Technical Levels

    The immediate hurdle is seen at 0.7755 (hourly 50-MA), ahead of the resistance at 0.78 (hourly 100-MA). On the other hand, a break below daily low of 0.7705 would open doors for a drop to 0.7681 (23.6% of 0.6981-1.7897).
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