1 Jul 2015
EUR/GBP unperturbed near 0.7070 on PMIs
FXStreet (Mumbai) - EUR/GBP keeps the range around 0.7070 levels in the European morning, showing little reaction to the upbeat Eurozone and German manufacturing PMI as Greece default continue to dampen market sentiment.
EUR/GBP in red below 0.7100
Currently, the EUR/GBP pair trades -0.45% lower at fresh session lows 0.7067, edging slightly lower after the data release. The cross in EUR/GBP remains pressured on broad euro weakness with healthy expansion in Euro zone and German manufacturing sector activity doing little to lift the shared currency.
The final manufacturing PMI for the German manufacturing sector edged up to 51.9 points in June from the 51.1 booked in May. The gauge confirmed the preliminary result of 51.9. While The final manufacturing PMI for the euro zone came in at 52.5 points in June, following 52.2 in May, a 14-month high and confirming the preliminary reading.
On the GBP side, the pound remains muted versus the US dollar awaiting fresh cues from Bank of England (BOE) FSR and Governor Carney’s speech due later in the session. While UK manufacturing PMI is also closely watched.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7100 levels and above which it could extend gains 0.7147 (June 30 High) levels. To the downside immediate support might be located at 0.7078 (June 23 Low) below that at 0.7053 (May 27 Low) levels.
EUR/GBP in red below 0.7100
Currently, the EUR/GBP pair trades -0.45% lower at fresh session lows 0.7067, edging slightly lower after the data release. The cross in EUR/GBP remains pressured on broad euro weakness with healthy expansion in Euro zone and German manufacturing sector activity doing little to lift the shared currency.
The final manufacturing PMI for the German manufacturing sector edged up to 51.9 points in June from the 51.1 booked in May. The gauge confirmed the preliminary result of 51.9. While The final manufacturing PMI for the euro zone came in at 52.5 points in June, following 52.2 in May, a 14-month high and confirming the preliminary reading.
On the GBP side, the pound remains muted versus the US dollar awaiting fresh cues from Bank of England (BOE) FSR and Governor Carney’s speech due later in the session. While UK manufacturing PMI is also closely watched.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7100 levels and above which it could extend gains 0.7147 (June 30 High) levels. To the downside immediate support might be located at 0.7078 (June 23 Low) below that at 0.7053 (May 27 Low) levels.