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Forex: EUR/GBP falls to 0.8600 after UK Services PMI

Improving UK Services PMI surprised investors and made the GBP become more attractive ahead of this week's BoE meeting. The publication revealed a final reading of 51.8, higher than the expected 51.0 and the previous reading of 51.5.

The EUR/GBP quickly fell 35 pips to 0.8600, now edging lower by -0.23% on the day. Earlier, the final reading of February PMI Composite in the Eurozone only eased from 48.6 to 47.9 (consensus of 47.3). The EMU services PMI had the same values thanks to better than expected figures in Germany (54.7) and France (43.7).

Mataf.net analysts point to resistance at 0.8625, 0.8645 and 0.8685. On the downside, supports might be found at 0.8605, 0.8570 and 0.8540.

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