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5 May 2015
EUR/GBP recovers from session low
FXStreet (Mumbai) - The EUR/GBP pair recovered from the low of 0.7314 to trade at 0.7332 on the back of weaker-than-expected UK construction PMI.
Pound offered on weak data
The British Pound was offered across the board after the data showed the seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) fell to 54.2 from 57.8 in March. The index contracted for the second consecutive month and was the lowest in almost two years.
The investor now awaits the latest round of economic forecasts from the European commission due for release in a few minutes.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7342, above which the pair could rise to 0.7360 (hourly 50-MA). On the flip side, a break below 0.73 could push the pair down to 0.7281 (hourly 100-MA).
Pound offered on weak data
The British Pound was offered across the board after the data showed the seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) fell to 54.2 from 57.8 in March. The index contracted for the second consecutive month and was the lowest in almost two years.
The investor now awaits the latest round of economic forecasts from the European commission due for release in a few minutes.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7342, above which the pair could rise to 0.7360 (hourly 50-MA). On the flip side, a break below 0.73 could push the pair down to 0.7281 (hourly 100-MA).