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EUR/GBP hits daily highs after UK services PMI

FXStreet (Córdoba) - EUR/GBP rose to fresh daily highs as the pound weakened on the back of below forecast UK services PMI figures.

The UK service sector PMI fell to to 56.2 from 58.7, below the 58.5 consensus forecast, and posting the weakest reading for 17 months. The composite index - that aggregates services, manufacturing and construction numbers - printed 55.8 in October, also the lowest reading since May 2013. This seems disappointing for BoE MPC's minority voting for an immediate rate hike.

EUR/GBP rose from daily lows to a marginal new high of 0.7860 after the data and remains at the upper side of the range, trading at 0.7855, 0.21% above its opening price.

EUR/GBP technical levels

As for technical levels, if EUR/GBP breaks above 0.7860/62 (daily high/10-day SMA), next resistances could be found at 0.7883 (Oct 31 high) and 0.7900 (psychological level). On the other hand, supports are seen at 0.7836 (daily low), 0.7811 (Nov 4 low) and 0.7800/0.7798 (psychological level/Nov 3 low).

South Africa Business Confidence Index declined to 88.8 in October from previous 89.2

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