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).
