EUR/GBP choppy around 0.8770, Carney eyed

EUR/GBP is exchanging gains with losses at the beginning of the week, currently hovering over the 0.8770 region.

EUR/GBP gains capped near 0.8900

The European cross is retreating for the fourth straight session so far today, flirting with multi-day lows in the mid-0.8700s and coming down following the rejection from fresh YTD tops near the 0.8900 handle seen on June 28.

GBP-selling picked up extra pace after UK’s manufacturing PMI for the month of June came in below expectations today at 54.3 from May’s 56.3. In addition, traders have ignored final PMIs in the euro region released earlier in the day.

Looking ahead, Governor M.Carney is expected to speak, while the ECB will publish its minutes from the latest meeting on Thursday.

EUR/GBP key levels

The cross is now up 0.02% at 0.8772 facing the next up barrier at 0.8848 (high Jun.21) seconded by 0.8865 (2017 high Jun.9) and finally 0.9055 (high Nov.2 2016). On the downside, a drop below 0.8715 (low Jun.16) would expose 0.8646 (low Jun.8) and then 0.8629 (200-day sma).