EUR/GBP Around 0.7850 on PMIs, Draghi Eyed
EUR/GBP is recording moderate gains at the beginning of the week, retaking the mid-0.7800s after bottoming out near 0.7730 last week.
EUR/GBP bid after PMIs
Today’s
upside momentum in the cross remains sustained by the buying interest
surrounding the single currency in spite of mixed results from April
final manufacturing PMIs in the euro area, where Germany’s print has
come in a tad below estimates, opposed to EMU’s result.
Ahead in
the session, President M.Draghi and Council member S.Lautenschlager are
due to speak, whereas the next event across the Channel will be
tomorrow’s manufacturing PMI.
EUR/GBP key levels
The
cross is now gaining 0.14% at 0.7854 facing the next hurdle at 0.7904
(20-day sma) ahead of 0.7995 (high Apr.18) and then 0.8119 (2016 high
Apr.7). On the flip side, a breach of 0.7731 (low Apr.26) would aim for
0.7714 (100-day sma) and finally 0.7650 (low Mar.10).
