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EUR/GBP off lows ahead of German PMI

FXStreet (Mumbai) - The EUR/GBP pair has recovered slightly from the lows but stays weak around 0.7375 heading into the German and Eurozone PMI release.

Supported at 0.7362

The recovery from the daily low of 0.7362 continues as the markets turned a blind eye towards a slightly weaker than expected Spanish PMI figure. However, the risk-on in the equities is keeping the recovery in the common currency under check.

The immediate focus is now on the release of the final Eurozone and German manufacturing PMI figure, which will be followed by a similar report in the UK.

EUR/GBP Technical Levels

The immediate resistance is located at 0.7390 (5-DMA), followed by a major hurdle at 0.7436 (Sep 29 high). On the other side, support is located at 0.7362 (daily low) and 0.7335 (hourly 200-MA).

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