Back
6 May 2015
EUR/GBP eases off highs near 0.74 on UK data
FXStreet (Mumbai) - The shared currency retraced from highs versus the British pound in the European morning; with EUR/GBP still holding 0.74 barrier, after the pound was boosted after UK services sector PMI readings came in at an eight month high in April.
EUR/GBP backs-off highs at 0.7419
Currently, the EUR/GBP cross trades 0.57% higher at 0.7408, quickly retreating from fresh session highs at 0.7419 shortly after the data release. The cross in EUR/GBP halted its rally and shed mild gains after the pound climbed slightly higher against the shared currency afte the UK services sector, again stayed comfortably above the contraction line for the 28th consecutive month in April.
The Markit/CIPS PMI measure came in at 59.5, up from the previous month's 58.9, and above the estimate of 58.5.
On the other hand, the single currency remains lifted after mixed services PMI reports which showed Germany’s service sector decelerated slightly in April, while the EMU services sector show a slid pace of expansion.
Meanwhile, markets now await EMU retail volumes data due shortly for further momentum on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7432 (Feb 20 High) and above which it could extend gains to at 0.7456 (Feb 12High) levels. To the downside immediate support might be located at 0.7368 (Today’s Low) levels below that at 0.7331 (April 6 Low) levels.
EUR/GBP backs-off highs at 0.7419
Currently, the EUR/GBP cross trades 0.57% higher at 0.7408, quickly retreating from fresh session highs at 0.7419 shortly after the data release. The cross in EUR/GBP halted its rally and shed mild gains after the pound climbed slightly higher against the shared currency afte the UK services sector, again stayed comfortably above the contraction line for the 28th consecutive month in April.
The Markit/CIPS PMI measure came in at 59.5, up from the previous month's 58.9, and above the estimate of 58.5.
On the other hand, the single currency remains lifted after mixed services PMI reports which showed Germany’s service sector decelerated slightly in April, while the EMU services sector show a slid pace of expansion.
Meanwhile, markets now await EMU retail volumes data due shortly for further momentum on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7432 (Feb 20 High) and above which it could extend gains to at 0.7456 (Feb 12High) levels. To the downside immediate support might be located at 0.7368 (Today’s Low) levels below that at 0.7331 (April 6 Low) levels.