3 Dec 2014
EUR/GBP tumbles below 0.7900
FXStreet (Córdoba) - EUR/GBP broke below 0.7900 and dropped to 0.7869, reaching the lowest price in three weeks weakened by economic data from the Eurozone and United Kingdom.
The EZ service sector PMI dropped to 51.1, below the 51.3 expected in November while retail sales in October fell 0.4%, a recovery after falling 1.2% in September, but below expectations of a 0.6% increase. In the UK, the Service PMI rose from 56.2 to 58.6, above expectations; and at 12:30 GMT, the Chancellor of the Exchequer, G. Osborne will deliver his annual Autumn Statement to Parliament.
EUR/GBP breaks key support
Ahead of tomorrow’s European Central Bank and Bank of England meetings, the euro is falling for the third day in a row against the pound, losing a key short term support, that offered support during the previous two weeks.
To the downside, the immediate support could be located around 0.7865 and below here at 0.7825 followed by the 0.7800. The area around 0.7900 has become a resistance.
The EZ service sector PMI dropped to 51.1, below the 51.3 expected in November while retail sales in October fell 0.4%, a recovery after falling 1.2% in September, but below expectations of a 0.6% increase. In the UK, the Service PMI rose from 56.2 to 58.6, above expectations; and at 12:30 GMT, the Chancellor of the Exchequer, G. Osborne will deliver his annual Autumn Statement to Parliament.
EUR/GBP breaks key support
Ahead of tomorrow’s European Central Bank and Bank of England meetings, the euro is falling for the third day in a row against the pound, losing a key short term support, that offered support during the previous two weeks.
To the downside, the immediate support could be located around 0.7865 and below here at 0.7825 followed by the 0.7800. The area around 0.7900 has become a resistance.