FxWirePro: EUR/GBP holds above the 0.79 handle, focus on UK services PMI data
EUR/GBP trades a narrow range on the day (15 pips), day's highs at 0.7925 and lows at 0.7910. Upside on Wednesday capped at 0.7947 (Mar 23rd highs), pair holds above the 0.79 handle. 0.79 is also strong channel base supp…
EUR/GBP trades a narrow range on the day (15 pips), day's highs at 0.7925 and lows at 0.7910.
Upside on Wednesday capped at 0.7947 (Mar 23rd highs), pair holds above the 0.79 handle.
0.79 is also strong channel base support, any weakness can be seen only on breaks below.
Daily Techs support upside, pair has broken above 50-DMA at 0.7867 and price action is above the daily cloud.
After a significantly weaker than expected UK manufacturing PMI index, the path of growth in Q2 will hinge critically on the services sector which has a nearly 80% share in GDP.
UK service sector PMI, which is scheduled for release later today, will provide a much more convincing picture on the near-term outlook.
Most major European markets are closed on account of a public holiday.
Immediate support and resistance are located at 0.79 and 0.7947 (May 4th and Mar 23rd highs) respectively.
