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4 May 2015
EUR/GBP falls further to 0.7360
FXStreet (Mumbai) - The shared currency remains undermined versus the British pound in the European morning; knocking-off EUR/GBP to fresh session lows below 1.74 barrier, on the release of mixed set of EZ PMI readings, failing to lift the single currency.
EUR/GBP pressured by mixed EZ data
Currently, the EUR/GBP cross trades -0.42% lower at fresh session lows at 0.7359, moving away from fresh three months highs reached at 0.7420 on Friday. The cross in EUR/GBP accelerated losses and dived deeper in red largely on broad euro weakness after manufacturing sector results across the euro area pointed to flat development in April, with the pace of growth somewhat discouraging, the final PMI reading showed on Monday.
French PMI came in at 48.0 slightly weaker than the prelim reading while the German PMI for the manufacturing sector, which fell to 52.1 during the fourth month of the year from the 52.8 seen in March. EMU final manufacturing PMI came in at 52.0 points in April, compared to 52.2 in March and a 51.9 flash reading.
On the other hand, the pound trades broadly muted amid thin volumes as the UK remains closed in observance of May Day.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7398 (Today’s High) and above which it could extend gains to at 0.7420 (May 1 High) levels. To the downside immediate support might be located at 0.7331 (April 6 Low) levels below that at 0.7300 levels.
EUR/GBP pressured by mixed EZ data
Currently, the EUR/GBP cross trades -0.42% lower at fresh session lows at 0.7359, moving away from fresh three months highs reached at 0.7420 on Friday. The cross in EUR/GBP accelerated losses and dived deeper in red largely on broad euro weakness after manufacturing sector results across the euro area pointed to flat development in April, with the pace of growth somewhat discouraging, the final PMI reading showed on Monday.
French PMI came in at 48.0 slightly weaker than the prelim reading while the German PMI for the manufacturing sector, which fell to 52.1 during the fourth month of the year from the 52.8 seen in March. EMU final manufacturing PMI came in at 52.0 points in April, compared to 52.2 in March and a 51.9 flash reading.
On the other hand, the pound trades broadly muted amid thin volumes as the UK remains closed in observance of May Day.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7398 (Today’s High) and above which it could extend gains to at 0.7420 (May 1 High) levels. To the downside immediate support might be located at 0.7331 (April 6 Low) levels below that at 0.7300 levels.