EUR/GBP keeps the red near 0.92 handle post UK PMI

The EUR/GBP cross held weaker through early European session and is now headed back to the lower end of weekly trading range post UK PMI.

The cross ticked lower following the release of latest UK manufacturing PMI, which surpassed consensus estimates and rose to 4-month high level of 56.9 in August. The reading was much better than 55 expected and previous month's reading of 55.3. 

The British Pound gained some traction following the upbeat release but gains remained capped amid persistent uncertainty around the Brexit negotiations, with both the UK and the EU remaining far from discussing a future trading relationship. 

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Technical levels to watch

A follow through weakness below 0.9185 level is likely to accelerate the slide even below mid-0.9100s towards testing its next support towards the 0.9130-25 region. 

On the flip side, momentum back above 0.9235-40 immediate hurdle should lift the cross back beyond 0.9265-70 horizontal resistance towards reclaiming the 0.93 handle.