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23 Jan 2015
EUR/GBP ticks down after downbeat German PMI data
FXStreet (Mumbai) - The Euro edged lower slightly versus the pound after German manufacturing PMI data revealed, growth in German manufacturing sector decelerated in January.
The EUR/GBP pair now edged lower to trade at 0.7557 levels, down -0.17% on the day, after trading around 0.7564 levels prior to the data release. The EUR/GBP remains pressured as Germany’s manufacturing sector activity declined to 51.0 in January from 51.2 seen in December, missing market forecasts of a 51.7 result.
Traders now await UK retail sales data due out shortly for further momentum on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7583 (Today’s High) and above which it could extend gains to at 0.7600 levels. To the downside immediate support might be located at 0.7550 and below that at 0.7530 levels.
The EUR/GBP pair now edged lower to trade at 0.7557 levels, down -0.17% on the day, after trading around 0.7564 levels prior to the data release. The EUR/GBP remains pressured as Germany’s manufacturing sector activity declined to 51.0 in January from 51.2 seen in December, missing market forecasts of a 51.7 result.
Traders now await UK retail sales data due out shortly for further momentum on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7583 (Today’s High) and above which it could extend gains to at 0.7600 levels. To the downside immediate support might be located at 0.7550 and below that at 0.7530 levels.