2 Feb 2015
EUR/GBP retreats after upbeat UK PMI Report
FXStreet (Mumbai) - The pound edged higher versus the common currency, recovering previous losses after UK factory activity strengthened more than forecasts.
EUR/GBP retraced from 0.7528 levels
The EUR/GBP pair traded at 0.7512 levels, up 0.215% on the day, retreating from 0.7528 levels prior to the data release. The EUR/GBP trimmed gains as the pound advacned after the activity in the UK manufacturing sector remained well above the contraction line as lower input costs and a stronger domestic market continue to boost output and employment in the sector.
Moreover, the pair is likely to remain sensitive to developments from the Greece as the Greece’s new PM Tsipras travels to Brussels and also ahead of Bank of England rate decision in the week ahead.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7541 and above which it could extend gains to at 0.7591 (10-DMA) levels. To the downside immediate support might be located at 0.7491 and below that at 0.7478 levels.
EUR/GBP retraced from 0.7528 levels
The EUR/GBP pair traded at 0.7512 levels, up 0.215% on the day, retreating from 0.7528 levels prior to the data release. The EUR/GBP trimmed gains as the pound advacned after the activity in the UK manufacturing sector remained well above the contraction line as lower input costs and a stronger domestic market continue to boost output and employment in the sector.
Moreover, the pair is likely to remain sensitive to developments from the Greece as the Greece’s new PM Tsipras travels to Brussels and also ahead of Bank of England rate decision in the week ahead.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7541 and above which it could extend gains to at 0.7591 (10-DMA) levels. To the downside immediate support might be located at 0.7491 and below that at 0.7478 levels.