EUR/GBP wobbles around 0.7600, UK PMI eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - Positive performances from the sterling and its European peer are prompting EUR/GBP to follow a sideline pattern ahead of final January’s PMIs.

    EUR/GBP clings to gains near 0.7600

    After a choppy January – including 1-year high near 0.7760 - the cross has started the new month advancing marginally around the 0.7600 handle ahead of the opening bell in Euroland.

    In the data space, final figures for January manufacturing PMIs are due in the euro area and the UK, while M4 Money Supply, Consumer Credit and Mortgage Approvals are due across the Channel.

    EUR/GBP key levels

    The European cross is now up 0.07% at 0.7607 with the next hurdle at 0.7756 (high Jan.20) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a breach of 0.7534 (50% Fibo of 0.7310-0.7758) would expose 0.7310 (low Jan.5) and finally 0.7246 (200-day sma).
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