EUR/GBP Around 0.7740 ahead of UK EMU Data

EUR/GBP Around 0.7740 ahead of UK EMU Data

3 June 2016, 08:09
Roberto Jacobs

EUR/GBP Around 0.7740 ahead of UK EMU Data

After hitting the area of 0.7780 on Thursday, EUR/GBP has now retreated to the 0.7740 region ahead of today’s UK, EMU docket.

EUR/GBP now looks to PMIs

With the ECB meeting already out of the way, market participants will now look to UK’s Services PMI for some direction in the British pound, although a cautious tone and thin trade conditions remain poised to prevail ahead of US Non-farm Payrolls due later in the European afternoon.

In the meantime, the cross seems to be consolidating in the low-0.7700s following yesterday’s correction lower, with EMU’s Services PMIs and Retail Sales also due for release.

EUR/GBP key levels

The cross is now up 0.10% at 0.7740 and a breakout of 0.7799 (100-day sma) ahead of 0.7850 (55-day sma) and then 0.7947 (2016 high May 4). On the other hand, the immediate support aligns at 0.7562 (low May 25) ahead of 0.7536 (200-day sma) and finally 0.7310 (low Jan.5).


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