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3 Sep 2015
EUR/GBP trims gains near 0.7350
FXStreet (Mumbai) - The cross in the EUR/GBP slowly faded the UK-data induced spike to session highs and eased to 0.7350 levels as markets assess the latest flurry of PMI reports from the Eurozone and the UK, keeping an eye on the upcoming main event – the ECB decision.
EUR/GBP eases-off 0.7374
Currently, the EUR/GBP pair trades 0.12% higher at 0.7347, spiking to 0.7374 session highs in the European morning. The EUR/GBP cross shed early gains and now hovers near the mid-point of 0.73 barrier awaiting fresh incentives from Draghi’s comments on the EUR level and the persistent low inflation levels.
Moreover, the euro remains supported against the pound on the back of upbeat German and Euro zone PMI reading while awful UK services PMI reports continues to weigh on the British currency.
UK services PMI came in at 55.6 points in August, following the 57.4 seen previously. That's the lowest print since May 2013. Market consensus had bet on a reading of 57.7.
Moving on, the pair may receive fresh impetus from the ECB decision while the upcoming US data may also influence the EUR/GBP cross.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7400 levels and above which it could extend gains 0.7423 (Aug 24 High) levels. To the downside immediate support might be located at 0.7323 (Today’s Low) below that at 0.7299 (Sept 1 Low).
EUR/GBP eases-off 0.7374
Currently, the EUR/GBP pair trades 0.12% higher at 0.7347, spiking to 0.7374 session highs in the European morning. The EUR/GBP cross shed early gains and now hovers near the mid-point of 0.73 barrier awaiting fresh incentives from Draghi’s comments on the EUR level and the persistent low inflation levels.
Moreover, the euro remains supported against the pound on the back of upbeat German and Euro zone PMI reading while awful UK services PMI reports continues to weigh on the British currency.
UK services PMI came in at 55.6 points in August, following the 57.4 seen previously. That's the lowest print since May 2013. Market consensus had bet on a reading of 57.7.
Moving on, the pair may receive fresh impetus from the ECB decision while the upcoming US data may also influence the EUR/GBP cross.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7400 levels and above which it could extend gains 0.7423 (Aug 24 High) levels. To the downside immediate support might be located at 0.7323 (Today’s Low) below that at 0.7299 (Sept 1 Low).