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2 Jan 2015
EUR/GBP boosted by a weak UK PMI data
FXStreet (Mumbai) - The EUR/GBP pair extended gains after the UK manufacturing PMI for December was confirmed at a three-month low of 52.5 levels.
The pair currently trades 0.29% higher at 0.7790 levels. The single currency had recovered from six-year lows after the German manufacturing PPMI bounced back above 50.00 levels, indicating expansion of activity in December. These gains were extended further after the UK PMI manufacturing printed lower-than-expected due to the slowdown in the overseas demand. The unexpected decline caught markets by surprise, which pushed the GBP/USD pair lower to the August 2013 levels. Meanwhile, the EUR/USD pair has hovered largely unchanged around 1.2057 since the onset of the European session.
EUR/GBP Technical Levels
The pair has an immediate support located at 0.7757, under which the pair may test 0.7745 levels. Meanwhile, resistance is seen at 0.7795 (Nov. 6, 2014) and 0.7811 (Dec. 19 low) levels.
The pair currently trades 0.29% higher at 0.7790 levels. The single currency had recovered from six-year lows after the German manufacturing PPMI bounced back above 50.00 levels, indicating expansion of activity in December. These gains were extended further after the UK PMI manufacturing printed lower-than-expected due to the slowdown in the overseas demand. The unexpected decline caught markets by surprise, which pushed the GBP/USD pair lower to the August 2013 levels. Meanwhile, the EUR/USD pair has hovered largely unchanged around 1.2057 since the onset of the European session.
EUR/GBP Technical Levels
The pair has an immediate support located at 0.7757, under which the pair may test 0.7745 levels. Meanwhile, resistance is seen at 0.7795 (Nov. 6, 2014) and 0.7811 (Dec. 19 low) levels.