EUR/GBP drops further as euro declines across the board

Matías Salord FXStreet

The euro weakened in the market during the last hour and pushed EUR/GBP further to the downside. The pair bottomed at 0.8420, the lowest level in two days and currently trades at 0.8430, down 25 pips from yesterday’s closing price.

GBP boosted by data

Earlier the pair peaked at 0.8484, the highest since Thursday. But then turned to the downside, following the positive surprise of the UK PMI manufacturing index. It jumped to 57.3, hitting the highest level in three years. Markets consensus expected a reading around 54.0. Earlier, the Eurozone PMI Manufacturing fell marginally from the flash reading (56.8 to 56.7), still a multi-year high.

Eurozone manufacturing PMI ticked down - BBH

UK: Exceptionally strong manufacturing PMI surprised markets - BBH

The first slide from the highs of EUR/GBP found support around 0.8445/50. After consolidating some hours around 0.8450, dropped further to the new low.

Technical levels

To the downside, support might be located at 0.8420 (daily low), 0.8400 (psychological) and 0.8375. On the flip side, resistance could be seen at 0.8450/55 (American session high), 0.8480/85 (daily high) and 0.8505/10 (Apr 24 high).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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