OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/GBP off highs post-PMI, near 0.7020

FXStreet (Edinburgh) - The euro is surrendering part of its initial gains, now dragging EUR/GBP back to the 0.7020 area after climbing as high as 0.7030/35, or session highs.

EUR/GBP a tad lower post-PMI

The European cross is now deflating from session highs after the UK manufacturing PMI has disappointed markets during November, coming in at 52.7 vs. 53.6 expected and down from 55.2.

In addition, the shared currency is now trimming earlier gains in spite of the auspicious results from manufacturing PMIs in Euroland and lower unemployment rates in both Germany and the euro area.

EUR/GBP important levels

As of writing the cross is up 0.02% at 0.7017 facing the initial resistance at 0.7101 (23.6% Fibo of 0.7496-0.6979) followed by 0.7191 (100-day sma) and then 0.7203 (200-day sma). On the downside, a breach of 0.6985 (low Nov.17) would open the door to 0.6948 (low Aug.5) and finally 0.6934 (2015 low Jul.17).

RBA comfortable to keep policy unchanged - MUFG

Lee Hardman, Currency Analyst at MUFG, notes that the Australian dollar has strengthened modestly in the Asian trading session supported by the RBA’s decision to leave monetary policy unchanged.
Read more Previous

France: Regional elections in a centralized country - BNPP

Thibault Mercier, Research Analyst at BNP Paribas, notes that the French regional elections, to be held on 6 and 13 December, take place in the midst of the so-called “Act III of decentralization”.
Read more Next
Start livechat