EUR/GBP retakes 0.85 handle ahead of UK data release

The three-day losing streak in the EUR/GBP appears to have come to a halt this Monday morning in Asia. 

The cross was last seen trading around 0.8513 handle. The UK manufacturing number due later today is expected to show the pace of expansion in the activity ticked higher to 55.1 in March from the Feb figure of 54.6. 

The leading indicator - UK CBI data - released on March 21 showed a sharp rise in the export orders and price pressures. Hence, we could be in for a better-than-expected manufacturing figure. 

The focus would also be on the final German and Eurozone manufacturing PMI numbers. 

EUR/GBP Technical Levels

A break above 0.8555 (100-DMA) would expose 0.8582 (50-DMA + 5-DMA) and 0.86 (zero figure). On the other hand, a breakdown of support at 0.8485 (Friday’s low) would open doors for a sell-off to 0.8450 (Feb 13 low) and 0.8422 (Feb 23 low).