EUR/GBP Around 0.7850 on PMIs, Draghi Eyed

EUR/GBP Around 0.7850 on PMIs, Draghi Eyed

2 May 2016, 11:01
Roberto Jacobs
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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).


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