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3 Aug 2015
EUR/GBP off lows, near 0.7030
FXStreet (Mumbai) - EUR/GBP stalled its downslide and recovered losses in the mid-European session, as the impact of mixed set of Euro zone PMIs virtually nullifies the UK’s manufacturing PMI’s influence on the cross.
EUR/GBP awaits fresh incentives
Currently, the EUR/GBP pair flat at 0.7028, recovering from session lows of 0.7012 posted last hours. The cross in EUR/GBP struggles to regain the positive territory and trades muted as the release of PMI reports from the Euro area economies and the UK did little to move the EUR/GBP cross as the traders were unimpressed awaiting fresh cues from the upcoming deluge of data releases In the week ahead.
Meanwhile, any spike to the upside may be quickly sold off and the bearish trend may remain intact, with the cross now eyeing the support area at 0.70. The divergence between monetary policies is likely to remain and should therefore favour short positions on the cross.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7044 (July 30 High) levels and above which it could extend gains 0.7100 levels. To the downside immediate support might be located at 0.7001 (July 31 Low) below that at 0.6987 (July 23 Low).
EUR/GBP awaits fresh incentives
Currently, the EUR/GBP pair flat at 0.7028, recovering from session lows of 0.7012 posted last hours. The cross in EUR/GBP struggles to regain the positive territory and trades muted as the release of PMI reports from the Euro area economies and the UK did little to move the EUR/GBP cross as the traders were unimpressed awaiting fresh cues from the upcoming deluge of data releases In the week ahead.
Meanwhile, any spike to the upside may be quickly sold off and the bearish trend may remain intact, with the cross now eyeing the support area at 0.70. The divergence between monetary policies is likely to remain and should therefore favour short positions on the cross.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7044 (July 30 High) levels and above which it could extend gains 0.7100 levels. To the downside immediate support might be located at 0.7001 (July 31 Low) below that at 0.6987 (July 23 Low).