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23 Jun 2015
EUR/GBP bounces-off 0.7120 on upbeat German data
FXStreet (Mumbai) - The shared currency bounced-off lows and recovered slightly against the British pound in the European session, as EUR/GBP received fresh impetus from impressive German factory data which showed that German manufacturing sector expands at a quicker pace in June.
EUR/GBP slightly lifted by German PMI
Currently, the EUR/GBP pair trades -0.43% lower at 0.7137, recovering from 0.7123 session lows. The cross in EUR/GBP remains pressured, although the shared currency was relieved on the release of better than expected German manufacturing PMI report.
June's preliminary PMI for Germany's manufacturing sector rose to 51.9, up from May's final reading of 51.1 points. Markets had bet on a slight increase to 51.2 points. While, The preliminary services PMI came in at 54.2 points, above May's 53 points.
While the pound keeps losses versus the US dollar which limits the downside in the EUR/GBP cross. Traders now await EMU PMI report for further momentum.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7179 (Today’s High) levels and above which it could extend gains 0.7200 levels. To the downside immediate support might be located at 0.7123 (Today’s Low) below that at 0.7094 (May 28 Low) levels.
EUR/GBP slightly lifted by German PMI
Currently, the EUR/GBP pair trades -0.43% lower at 0.7137, recovering from 0.7123 session lows. The cross in EUR/GBP remains pressured, although the shared currency was relieved on the release of better than expected German manufacturing PMI report.
June's preliminary PMI for Germany's manufacturing sector rose to 51.9, up from May's final reading of 51.1 points. Markets had bet on a slight increase to 51.2 points. While, The preliminary services PMI came in at 54.2 points, above May's 53 points.
While the pound keeps losses versus the US dollar which limits the downside in the EUR/GBP cross. Traders now await EMU PMI report for further momentum.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7179 (Today’s High) levels and above which it could extend gains 0.7200 levels. To the downside immediate support might be located at 0.7123 (Today’s Low) below that at 0.7094 (May 28 Low) levels.