1 Jul 2015
EUR/GBP recovers to 0.7083 on UK PMI
FXStreet (Mumbai) - The British pound edged slightly lower versus the shared currency in the European session, lifting EUR/GBP from session lows, following poor manufacturing PMI reading from the UK which dragged sterling lower across the board.
EUR/GBP rises from 0.7067
Currently, the EUR/GBP pair trades -0.27% lower at 0.7082, retreating from 0.7067 lows post UK data. The cross in EUR/GBP pared losses and recovered mildly as the pound was pressured following below estimates UK manufacturing PMI report.
The UK manufacturing PMI in June came in at 51.4 versus 52.4 expectations. A reading of 52.0 was recorded in May.
On the EUR-side, the euro keeps its downside bias untouched versus the US dollar weighed by the latest Greece default jerk, eventually pressuring the cross lower.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7100 levels and above which it could extend gains 0.7147 (June 30 High) levels. To the downside immediate support might be located at 0.7078 (June 23 Low) below that at 0.7053 (May 27 Low) levels.
EUR/GBP rises from 0.7067
Currently, the EUR/GBP pair trades -0.27% lower at 0.7082, retreating from 0.7067 lows post UK data. The cross in EUR/GBP pared losses and recovered mildly as the pound was pressured following below estimates UK manufacturing PMI report.
The UK manufacturing PMI in June came in at 51.4 versus 52.4 expectations. A reading of 52.0 was recorded in May.
On the EUR-side, the euro keeps its downside bias untouched versus the US dollar weighed by the latest Greece default jerk, eventually pressuring the cross lower.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7100 levels and above which it could extend gains 0.7147 (June 30 High) levels. To the downside immediate support might be located at 0.7078 (June 23 Low) below that at 0.7053 (May 27 Low) levels.