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EUR/GBP trading negatively at 0.8535/37

FXstreet.com (Barcelona) - The EUR/GBP turned marginally lower, after a recent upside attempt was stymied at the 0.8542 level Monday during the European session.

In terms of economic data, in the EMU, Markit Manufacturing PMI (May) came in at 48.3, beating estimates of 47.8. Meanwhile, in Germany, Markit Manufacturing PMI was reported at 49.4 in May, exceeding expectations of only 49.0.

In recent moments, the pair has settled at 0.8535/37, incurring a loss of -0.09% thus far. Mataf.net technical analysts take note of the next short-term supports for the EUR/GBP at 0.8523, ahead of 0.8501, and 0.8473. Conversely, the pair is set to face calculated resistance at 0.8573, onto 0.8601, and ultimately 0.8623.

According to the Technical Analyst Team at ICN.com, “The EUR/GBP continues to trade within a relatively tight sideways range, above 0.8530 support and below 0.8600 resistance. Ultimately, a clear break below 0.8530 could extend towards the 0.8500 support area near its 50-day SMA, providing an opportunity to re-long the pair at a better price.”

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