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EUR/GBP: rangeplay continues ahead of PMI data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP pair finds itself stuck in the 4-day range of 0.6980-0.7030 ahead of the preliminary PMI reports due across the Eurozone today.

    Focus on German PMI

    The primary focus is likely to be on the German PMI reading. The Eurozone’s largest economy has slowed offlate, mainly on account of the weakness in China. The preliminary PMI for November could offer more clues on the export orders and price pressure.

    Meanwhile, the demand for the EUR could also be influenced by the risk-on/risk-off in the European equities.

    EUR/GBP Technical Levels

    The cross currently trades around 0.70. The immediate resistance is located at 0.7030 (upper end of the rang+hourly 200-MA), above which the pair could rise to 0.7079 (Nov 16 high). On the other side, support is seen at 0.6980 (range support), under which the pair could test 0.6951 (Aug 5 low).
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