EUR/GBP Extends the Drop to 0.7860
EUR/GBP is accelerating the recent breakdown of the key support at 0.7900 the figure, now hovering over fresh lows near 0.7860.
EUR/GBP attention to PMIs
The
European cross is extending its leg lower after the rejection from
April’s fresh cycle highs near 0.8120 and a breach of a multi-month
uptrend support, all backed by a renewed offered tone in the single
currency and a firmer performance of sterling.
Nothing scheduled
for today across the Channel, while advanced manufacturing and services
PMIs will grab all the attention in Euroland against the backdrop of
alternating risk trends.
EUR/GBP key levels
The
cross is now losing 0.14% at 0.7870 facing the next support at 0.7825
(low Mar.29) followed by 0.7675 (100-day sma) and then 0.7650 (low
Mar.7). On the flip side, a breakout of 0.8119 (2016 high Apr.7) would
expose 0.8349 (monthly high Feb.6 2014) and finally 0.8401 (2014 high
Mar.18).
