FXStreet (Mumbai) – The Sterling was offered across the board following a dismal UK services PMI data, pushing the EUR/GBP cross back above 0.74 handle ahead of the Eurozone retail sales report.
Trades around 0.7415
The pair now trades around 0.7415 levels. The UK services PMI in September fell to its weakest since April 2013. Meanwhile, the inflow of new work also fell to 29-month low. Meanwhile, the Eurozone services PMI was relatively resilient.
The focus now shifts to the Eurozone Retail sales figure. Ahead in the US session, the ISM non-manufacturing print could affect the Fed rate hike bets and the overall demand for risk and safe haven currencies.
EUR/GBP Technical Levels
At 0.7413, the immediate resistance is located at 0.7443 (Friday’s high), above which gains could be extended to 0.7483 (May 7 high). On the other side, support is seen at 0.7392 (hourly 100-MA) and 0.7372 (hourly 200-MA).
(Market News Provided by FXstreet)