6 Jan 2015
EUR/GBP gains strength ahead of the PMI data across the Eurozone
FXStreet (Mumbai) - The EUR/GBP pair advanced today as investors await the Purchasing Manager’s Index (PMI) data for aggregate Eurozone and Germany.
The pair now trades 0.17% higher at 0.7839 levels, compared to the previous session’s close of 0.7825 levels. Moreover, the EUR/USD pair gained 0.23% to 1.1961, while the GBP/USD pair trades largely unchanged at 1.52559 levels. The single currency benefited from the risk aversion in the equity markets while the gains in the British Pound have been capped by prospects of a decline in the Services PMI reading for December.
The pair may extend gains if the equity markets in Europe, extend the fall, while the PMI readings across the Eurozone paint an optimistic picture of the private sector activity.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7851, above which the pair could test 0.7870 levels. Meanwhile, support is seen at 0.7811-0.78 and 0.7783 levels.
The pair now trades 0.17% higher at 0.7839 levels, compared to the previous session’s close of 0.7825 levels. Moreover, the EUR/USD pair gained 0.23% to 1.1961, while the GBP/USD pair trades largely unchanged at 1.52559 levels. The single currency benefited from the risk aversion in the equity markets while the gains in the British Pound have been capped by prospects of a decline in the Services PMI reading for December.
The pair may extend gains if the equity markets in Europe, extend the fall, while the PMI readings across the Eurozone paint an optimistic picture of the private sector activity.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7851, above which the pair could test 0.7870 levels. Meanwhile, support is seen at 0.7811-0.78 and 0.7783 levels.