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EUR/GBP ignores UK data, stays around daily lows

FXStreet (Mumbai) - The bearish pressure on EUR/GBP cross remained intact after the UK construction PMI for October matched estimate of 58.8.

Rejected at hourly 50-MA

The pair was rejected at hourly 50-MA earlier today as the risk-friendly environment in the markets weighed over the shared currency. Consequently, the pair dipped to a low of 0.7124 and now trades around the same as investors ignored UK construction PMI figure, which showed the fastest rise in New Work for 12 months.

EUR/GBP Technical Levels

At 0.7130, the immediate resistance is located at 0.7144 (hourly 50-MA), above which the pair could rise to 0.7161 (hourly 100-MA). On the other side, support is seen at 0.7124 (daily low) and 0.7107 (Monday’s low).

United Kingdom PMI Construction meets forecasts (58.8) in October

United Kingdom PMI Construction meets forecasts (58.8) in October
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GBP/USD testing lows near 1.5410 on UK PMI

The pound trades modestly flat versus the US dollar in the European morning, with GBP/USD little affected by the UK construction PMI report, which missed estimates.
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