EUR/GBP Eases Towards 0.78 Ahead of UK, EMU Data

EUR/GBP Eases Towards 0.78 Ahead of UK, EMU Data

01 Maret 2016 6:28 AM

The better tone around the sterling has prompted EUR/GBP to extend its correction lower to the 0.7800 neighbourhood on Tuesday.

EUR/GBP attention to PMIs

The European cross is extending its downside momentum today, gyrating around the 0.7800 handle ahead of the final February manufacturing PMIs in the euro area and the UK economy.

The quite decent recovery around the British pound has been collaborating with the recent decline of the cross, although sellers could not push further south of the key support at 0.7800 the figure for the time being.

EUR/GBP key levels

The European cross is now losing 0.14% at 0.7804 facing the next support at 0.7796 (20-day sma) ahead of 0.7756 (2-month uptrend) and finally 0.7523 (low Feb.3). On the flip side, a breakout of 0.7977 (high Dec.1 2014) would expose 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014).

The better tone around the sterling has prompted EUR/GBP to extend its correction lower to the 0.7800 neighbourhood on Tuesday.

(Market News Provided by FXstreet)