3 May 2016
EUR/GBP rises to 2-week highs above 0.7900
A weak pound gave further bullish momentum to the EUR/GBP that climbed above 0.7900 and reached the strongest level in two weeks.
The pair broke higher after the release of weak economic data from the United Kingdom and continue to rise during the American session. Recently it peaked at 0.7919, the strongest level since April 19. Currently, it trades at 0.7915/18, up 0.70% for the day. It is rising for the third day in a row and price climbed above the 20-day moving average.
Earlier, the UK Manufacturing PMI showed a surprise decline, below 50, for the first time in three years, giving more signals of a slowdown in the economy.
EUR/GBP levels to watch
To the upside, immediate resistance levels are seen at 0.7920 (daily high), 0.7937/40 (Apr 15 low) and 0.7980/85 (Apr 13, 14 & 15 high). On the flip side, support now might lie at 0.7895 (intraday level), 0.7865 (May 2 high) and 0.7840 (daily low).
The pair broke higher after the release of weak economic data from the United Kingdom and continue to rise during the American session. Recently it peaked at 0.7919, the strongest level since April 19. Currently, it trades at 0.7915/18, up 0.70% for the day. It is rising for the third day in a row and price climbed above the 20-day moving average.
Earlier, the UK Manufacturing PMI showed a surprise decline, below 50, for the first time in three years, giving more signals of a slowdown in the economy.
EUR/GBP levels to watch
To the upside, immediate resistance levels are seen at 0.7920 (daily high), 0.7937/40 (Apr 15 low) and 0.7980/85 (Apr 13, 14 & 15 high). On the flip side, support now might lie at 0.7895 (intraday level), 0.7865 (May 2 high) and 0.7840 (daily low).