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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).

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