FXStreet (Edinburgh) – EUR/GBP is now grinding lower following the PMI prints in both the UK and the euro area on Monday.
EUR/GBP coming down from 0.7200
The cross keeps eroding last week’s climb to the proximity of the key barrier at 0.7200, this time trading in the mid-0.7100s in the wake of the poor result from the UK manufacturing PMI and mixed results from the euro bloc.
Next of relevance in the cross will be the flash gauges of the German CPI for the current month ahead of key releases in the US economy.
EUR/GBP levels to watch
At the moment the cross is losing 0.50% at 0.7153 and a breach of 0.7140 (low May 29) would expose 0.7100 (low May 28) and finally 0.7057 (low May 27). On the other hand, the initial hurdle lines up at 0.7190 (high Jun.1) followed by 0.7200 (high May 29) and then 0.7216 (daily cloud base).
(Market News Provided by FXstreet)