FXstreet.com (Barcelona) - Ahead of the release of the August Markit flash manufacturing PMI in European economies such as France (from 43.4 to 46.2), Germany (from 43.0 to 45.1) and the Eurozone (from 44.0 to 45.3), the EUR/GBP had rallied to 0.7900 psychological level and 0.7905 high. Despite coming in better than expected, still contractionary though, the cross has been easing its price.
The EUR/GBP is currently trading at 0.7897 as it retraces early European gains. It will take a fall back to 0.7884 to fully erase the rally. UK July mortgage approvals data and realized distributive trades in August are due to be released during the London session.
Commerzbank analysts see 0.7909 as resistance: “While this level caps, a slip back towards the one month support line at 0.7829 may still unfold although this looks less likely now”, wrote analyst Axel Rudolph.
The EUR/GBP is currently trading at 0.7897 as it retraces early European gains. It will take a fall back to 0.7884 to fully erase the rally. UK July mortgage approvals data and realized distributive trades in August are due to be released during the London session.
Commerzbank analysts see 0.7909 as resistance: “While this level caps, a slip back towards the one month support line at 0.7829 may still unfold although this looks less likely now”, wrote analyst Axel Rudolph.
