3 Feb 2014
EUR/GBP reaches 1-week high
FXStreet (Córdoba) - The EUR/GBP climbed to a fresh 1-week high during the European session, underpinned by a combination of solid Eurozone data and disappointing UK manufacturing PMI.
While Eurozone PMI rose more than expected in December, the UK figures for January missed forecast, putting the pound under pressure and sending the EUR/GBP above the 20-day SMA to a 1-week high of 0.8276. At time of writing, the pair is trading at the 0.8260 area, recording a 0.6% gain Monday.
EUR/GBP technical levels
In terms of technical levels, the EUR/GBP could find immediate resistances at 0.8276 (Feb 3 high), 0.8285 (30-day SMA) and 0.8300 (psychological level), while supports are seen at 0.8200 (Feb 3 low/psychological level) and 0.8187 (Jan 31 low).
While Eurozone PMI rose more than expected in December, the UK figures for January missed forecast, putting the pound under pressure and sending the EUR/GBP above the 20-day SMA to a 1-week high of 0.8276. At time of writing, the pair is trading at the 0.8260 area, recording a 0.6% gain Monday.
EUR/GBP technical levels
In terms of technical levels, the EUR/GBP could find immediate resistances at 0.8276 (Feb 3 high), 0.8285 (30-day SMA) and 0.8300 (psychological level), while supports are seen at 0.8200 (Feb 3 low/psychological level) and 0.8187 (Jan 31 low).