EUR/GBP Around 0.7730 ahead of PMIs

EUR/GBP Around 0.7730 ahead of PMIs

23 May 2016, 08:12
Roberto Jacobs
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EUR/GBP Around 0.7730 ahead of PMIs

EUR/GBP has started the week on a positive footing, hovering over the 0.7730 area ahead of the advanced PMI readings in Euroland.

EUR/GBP bounces off 0.7650

After dropping to multi-week lows in the mid-0.7600s last Friday, the European cross has managed to pick up some traction, regain the 0.7700 handle and looking to consolidate around the 0.7730/40 band.

Ahead in the session, flash PMIs in the euro area for the current month will take centre stage, while GBP is expected to remain under scrutiny regarding the UK referendum on June 23.

EUR/GBP key levels

The cross is now up 0.18% at 0.7738 facing the next hurdle at 0.7787 (100-day sma) followed by 0.7827 (20-day sma) and then 0.7947 (monthly high May 4). On the flip side, a breach of 0.7647 (low May 19) would expose 0.7523 (low Jan.22) and finally 0.7520 (200-day sma).


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