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EUR/GBP weekly chart vrs daily

FXstreet.com (London) - The EUR/GBP has formed a descending channel on the monthly charts. While EUR/GBP stays below the 2011 high at 0.9082, the downtrend would usually remain intact. However, on the daily, it is still looking bullish through the topside of the wedge formation it had broken.

The market will be looking to ECB this week for some stimulus for anything more than a continuation of the trend, but after the somewhat better recent data out of the Euro-zone and muted comments from ECB officials it seems unlikely the market will get much out of Thursday’s ECB meeting. In the UK, economic data came today in the form of PMI Construction that was reported at 50.8 in May, beating the expectations calling for 49.6, and compared to a figure of 49.4 previously. EURGBP actually rallied a little on the back of that number, albeit ticking up just 10 pips. The BoE are up on Thursday as well. Support is 0.8500 and 0.8460.

Flash: Euro derives support from strong PMIs - BTMU

Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes that the euro has derived support from the stronger than expected May Eurozone manufacturing PMIs.
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