EUR/GBP: traders ignore EZ PMIs ahead of the ECB meet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/GBP witnessed little action after the German and Eurozone service PMI report as traders prefer remaining on the sidelines ahead of the ECB rate decision.

    Rejected at key Fib

    The pair was rejected earlier today at 0.7102 (23.6% of 0.7493-0.6981). The shared currency shed a couple of pips, but remained largely unchanged even though the German services PMI was revised lower to 54.2 from 54.4.

    Moreover, the traders await the ECB rate decision. Markets expect the bank to announce a cut in the deposit rates and introduce a minor tweak in its QE program.

    EUR/GBP Technical Levels

    At 0.7080, the immediate resistance is located at 0.7102 (23.6% of 0.7493-0.6981), above which the pair could rise to 0.7145 (61.8% of 0.6931-0.7493). On the other side, a break below 0.7063 (76.4% of 0.6931-0.7493) would expose 0.70 handle.
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