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EUR/GBP testing 0.7700 ahead of PMIs

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After a brief test of the 0.7690 area yesterday, EUR/GBP has managed to recover the 0.7700 handle although keeping the negative note for the time being.

    EUR/GBP focus on UK, EMU PMIs

    The cross is losing ground for the sixth consecutive session so far, prolonging its rejection from 1-year tops in the 0.7930 area posted in late February.

    Collaborating with the downside, the British pound has recently gathered some traction as ‘Brexit’ jitters seem to have diminished somewhat, while the single currency is trading on a negative note following recent poor figures from EMU’s CPI.

    Ahead in the session, Services PMIs in both Euroland and the UK will take centre stage. Previously, UK’s home prices tracked by Nationwide rose 0.3% MoM in February and 4.8% over the last twelve months, both prints coming in short of expectations.

    EUR/GBP key levels

    The European cross is now losing 0.03% at 0.7716 facing the next support at 0.7688 (low Mar.2) ahead of 0.7604 (55-day sma) and finally 0.7523 (low Feb.3). On the flip side, a breakout of 0.7789 (20-day sma) would aim for 0.7931 (high Feb.25) and then 0.7977 (high Dec.1 2014).
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