FxWirePro: EUR/GBP Holds Above the 0.79 Handle, Focus on UK Services PMI Data
5 May 2016, 08:16
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FxWirePro: EUR/GBP Holds Above the 0.79 Handle, Focus on UK Services PMI Data
- EUR/GBP trades a narrow range on the day (15 pips), day's highs at 0.7925 and lows at 0.7910.
- Upside on Wednesday capped at 0.7947 (Mar 23rd highs), pair holds above the 0.79 handle.
- 0.79 is also strong channel base support, any weakness can be seen only on breaks below.
- Daily Techs support upside, pair has broken above 50-DMA at 0.7867 and price action is above the daily cloud.
- After a significantly weaker than expected UK manufacturing PMI index, the path of growth in Q2 will hinge critically on the services sector which has a nearly 80% share in GDP.
- UK service sector PMI, which is scheduled for release later today, will provide a much more convincing picture on the near-term outlook.
- Most major European markets are closed on account of a public holiday.
- Immediate support and resistance are located at 0.79 and 0.7947 (May 4th and Mar 23rd highs) respectively.
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