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EUR/GBP sidelined around 0.72, focus on PMIs

FXStreet (Edinburgh) - The sharp sell off in the single currency following the ECB meeting on Thursday has dragged EUR/GBP to test fresh lows in the boundaries of 0.7200 the figure.

EUR/GBP weaker post-ECB, eyes on PMIs

Market expectations of a dovish tone from Mario Draghi at his press conference on Thursday were undoubtedly fulfilled, prompting the cross to give away more than a big-figure and return to the 0.7200 neighbourhood, levels last seen in late September.

While markets continue to digest the recent ECB gathering, the focus of attention will turn to the preliminary prints of manufacturing and services PMIs in Euroland for the month of October.

EUR/GBP relevant levels

As of writing the cross is losing 0.06% at 0.7212 facing the next support at 0.7194 (low Sep.22) followed by 0.7149 (38.2% Fibo of 0.6935-0.7496) and then 0.7100 (psychological level). On the other hand, a breakout of 0.7281 (61.8% Fibo of 0.6935-0.7496) would expose 0.7378 (high Oct.21) and finally 0.7475 (downtrend from 0.7875).

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