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5 Jan 2015
EUR/GBP Unperturbed by Construction PMI
FXStreet (Mumbai) - The single currency traded little changed post the release of weaker than expected UK construction sector PMI data, continuing its downside bias into the mid-European session.
The EUR/GBP pair now trades at 0.7812 levels, down -0.24% on the day, having posted fresh days’ high at 0.7821 levels couple of hours ago. The EUR/GBP remained steady after the Britain’s construction PMI pointed to worsening conditions in the sector in December. The construction PMI report revealed the headline number worsened to 57.6 points, compared with 59.4 recorded in November. It had been expected to ease to 59 points. Moreover, an improved Euro zone Investor Confidence figures did little to move the EUR/GBP cross.
Investors are expected to remain wary ahead of key events - UK Services PMI due out tomorrow and Bank of England (BOE) policy meeting on Thursday.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7835 (Jan 2 High) and above which it could extend gains to at 0.7846 (Dec 30 High) levels. To the downside immediate support might be located at 0.78 and below that at 0.7762 (Jan 1 Low) levels.
The EUR/GBP pair now trades at 0.7812 levels, down -0.24% on the day, having posted fresh days’ high at 0.7821 levels couple of hours ago. The EUR/GBP remained steady after the Britain’s construction PMI pointed to worsening conditions in the sector in December. The construction PMI report revealed the headline number worsened to 57.6 points, compared with 59.4 recorded in November. It had been expected to ease to 59 points. Moreover, an improved Euro zone Investor Confidence figures did little to move the EUR/GBP cross.
Investors are expected to remain wary ahead of key events - UK Services PMI due out tomorrow and Bank of England (BOE) policy meeting on Thursday.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7835 (Jan 2 High) and above which it could extend gains to at 0.7846 (Dec 30 High) levels. To the downside immediate support might be located at 0.78 and below that at 0.7762 (Jan 1 Low) levels.