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Uncanny silence surrounds EUR/GBP after UK services PMI data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP hardly moved as the oversold Sterling did not witness a knee jerk reaction to a slightly better-than-expected UK services PMI print.

    UK PMIs hint Q4 GDP growth rate 0.6% q/q

    All the three PMI’s - manufacturing, construction, services – released this week point to a Q4 GDP growth rate of 0.6% quarter-on-quarter; higher than previous quarter's 0.5%. The first two PMIs missed estimates, but the services PMI released just now pointed to a faster than expected expansion in the activity.

    Despite all the positive, Sterling suffered a marginal dip against the USD; leaving the EUR/GBP cross largely unchanged after the data. Next on the cards is the ECB rate decision followed by the Draghi’s press conference.

    EUR/GBP Technical Levels

    At 0.70736, 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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