EUR/GBP Retreats to 0.7910 Ahead of UK PMI

EUR/GBP Retreats to 0.7910 Ahead of UK PMI

5 May 2016, 08:04
Roberto Jacobs
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EUR/GBP Retreats to 0.7910 Ahead of UK PMI

The bid tone around the sterling is prompting EUR/GBP to recede from yesterday’s tops in the mid-0.7900s and test the 0.7910/00 band.

EUR/GBP weaker ahead of UK PMI

The European cross is so far snapping a 4-day positive streak, including a 2-week high posted on Wednesday around 0.7950 amidst thin trade and scarce volatility as market participants are already focusing on tomorrow’s US Payrolls.

Closer to home, UK’s Services PMI is due next while the ECB will publish its Economic Bulletin during the morning in Euroland.

EUR/GBP key levels

The cross is now losing 0.15% at 0.7912 facing the next support at 0.7891 (20-day sma) ahead of 0.7731 (low Apr.26) followed by 0.7472 (200-day sma). On the other hand, a surpass of 0.7947 (high May 4) would expose 0.7995 (high Apr.18) and then 0.8119 (2016 high Apr.7).


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