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EUR/GBP stays around 0.76 after EZ PMI data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The weaker-than-expected German and Eurozone PMI manufacturing figures failed to have any impact on EUR and thus left the EUR/GBP cross largely unaffected around 0.77 levels.

    Tests 10-DMA after two weeks

    The pair tested the 10-DMA – seen today at 0.7598 – for the first time after January 7th. The preliminary manufacturing and services PMI numbers missed estimates, but did not have any impact on the pair.

    The investors remain focused on the action in the equities. The major European equity indices are trading atleast 1.5% higher and that is keeping the EUR under pressure. Moreover, a weaker data could have helped EUR recover losses if the equities would have responded negatively to the PMI figures.

    EUR/GBP Technical Levels

    The pair is trading in the range of 0.76-0.7610. The immediate support is seen at 0.7598 (10-DMA), under which the pair could drop to 0.7555 (Jan 11 high). On the other hand, a break above 0.7617 (previous day’s low) would open doors for 0.7663 (hourly 100-MA).
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