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EUR/GBP testing lows, PMIs eyed

FXStreet (Edinburgh) - The prevailing risk-on trade keeps weighing on the single currency at the end of the Asian session on Thursday, taking EUR/GBP to the 0.7370 area.

EUR/GBP attention to PMIs

The European cross is surrendering recent gains after reaching multi-week peaks in the 0.7440 area on Tuesday, with the offered tone around EUR acting as the main driver behind the correction lower.

Ahead in the session, the cross will remain under pressure in light of the publication of the final manufacturing PMIs for the month of September in both the UK and Euroland.

EUR/GBP relevant levels

As of writing the cross is losing 0.33% at 0.7364 and a break below 0.7335 (low Sep.28) would expose 0.7303 (low Sep.25) and then 0.7238 (low Sep.24). On the flip side, the next hurdle lines up at 0.7394 (high Oct.1) followed by 0.7436 (high Sep.29) and then 0.7449 (high May 6).

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