EUR/GBP firmer around 0.8900 ahead of PMIs
|The now softer tone around GBP is helping EUR/GBP to stick around the 0.8900 handle ahead of the opening bell in Euroland.
EUR/GBP now looks to data
The European cross is navigating a tight range at the beginning of the week, although it so far manages to keep the trade above the critical 0.8900 barrier against the backdrop of a persistent selling mood around the Sterling and the common currency.
The cross keeps the sideline theme around the lower bound of the recent range and a tad above last week’s lows in the 0.8875/70 band following the sharp pullback seen in the single currency following the ECB meeting and increasing USD-buying.
Later in the day, October’s advanced Manufacturing/Services PMIs in the euro region are due along with CBI’s Industrial Trends Orders across the Channel.
EUR/GBP key levels
The cross is now advancing 0.27% at 0.8909 and a surpass of 0.9143 (high Oct.11) would expose 0.9430 (2016 high, GBP flash crash Oct.7) and then 0.9802 (monthly high Dec.2008). On the other hand, the immediate support is located at 0.8876 (low Oct.21) followed by 0.8825 (4-month support line) and finally 0.8671 (55-day sma).
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