FXStreet (Mumbai) – A renewed selling-wave hit the common currency following the release of downbeat PMIs from Germany and the 19-nation bloc, knocking-off EUR/GBP to fresh session lows.
EUR/GBP drops from 0.7375 levels
Currently, the EUR/GBP pair falls -0.39% to fresh session lows of 0.7356, moving further away from 0.74 handle. The EUR/GBP cross fell further into the red after the poor PMI reports dented the sentiment around the European currency across the board.
The final manufacturing PMI for the euro zone came in at 52.0 points in the ninth month of the year, and below August’s reading of 52.3, although matched estimates. While Germany’s final PMI for manufacturing sector fell to 52.3 in Sept, down from August’s final reading of 53.3 points, against 52.5 expectations.
Further, the downside in the cross is also exacerbated by the strengthening GBP/USD ahead of the UK’s manufacturing PMI results due out shortly.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7389 (Today’s High) levels and above which it could extend gains to 0.7431 (Sept 30 Highs) levels. To the downside immediate support might be located at 0.7333 (Sept 28 Low) below that at 0.7292 (Sept 11 Low).
(Market News Provided by FXstreet)