2 Feb 2015
EUR/GBP little changed post mixed Euro zone data
FXStreet (Mumbai) - The common currency held on to previous gains against the British pound, after mixed manufacturing PMI readings from the Euro area economies.
EUR/GBP faces resistance at 7541 levels
The EUR/GBP pair traded at 0.7528 levels, up 0.43% on the day, having posted fresh session highs at 0.7541 levels just before the data release. The EUR/GBP remained elevated after the data showed that the German manufacturing PMI shed to 50.9 in January, down from December's 51.2 and missing estimates of a 51.0 reading. The 19-nation bloc PMI came in line with market consensus rising to 51 points in January, up from 50.3 in December, remaining in expansion territory for several months.
Moreover, the pair is likely to remain sensitive to developments from the Greece in the week ahead as Greece’s new PM Tsipras travels to Brussels.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7541 and above which it could extend gains to at 0.7591 (10-DMA) levels. To the downside immediate support might be located at 0.7491 and below that at 0.7478 levels.
EUR/GBP faces resistance at 7541 levels
The EUR/GBP pair traded at 0.7528 levels, up 0.43% on the day, having posted fresh session highs at 0.7541 levels just before the data release. The EUR/GBP remained elevated after the data showed that the German manufacturing PMI shed to 50.9 in January, down from December's 51.2 and missing estimates of a 51.0 reading. The 19-nation bloc PMI came in line with market consensus rising to 51 points in January, up from 50.3 in December, remaining in expansion territory for several months.
Moreover, the pair is likely to remain sensitive to developments from the Greece in the week ahead as Greece’s new PM Tsipras travels to Brussels.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7541 and above which it could extend gains to at 0.7591 (10-DMA) levels. To the downside immediate support might be located at 0.7491 and below that at 0.7478 levels.