EUR/GBP edges above 0.77, likely to test 100-DMA at 0.7792
EUR/GBP has bounced off major trendline support at 0.7570 and is attempting to reclaim the 0.77 handle.
Pair has hit highs of 0.7703 and is currently trading at 0.7691, eyes 100-DMA at 0.7792.
UK manufacturing PMI is due later today and markets expect uptick higher to 49.9 from a sharp drop seen in April to 49.2 points.
Any miss on the data could weigh heavily on the pound raising the scope for upside in EUR/GBP.
Break below 0.7570 could see sharp fall to 0.7425 levels.
Technicals support upside in the pair, weakness only below 0.7570.
Pair now finds immediate support and resistance at 0.7656 (10-DMA) and 0.7716 (Feb 5th highs).
Go long on breakout above 0.77, SL: 0.7655, TP: 0.7750/0.7790
Pair has hit highs of 0.7703 and is currently trading at 0.7691, eyes 100-DMA at 0.7792.
UK manufacturing PMI is due later today and markets expect uptick higher to 49.9 from a sharp drop seen in April to 49.2 points.
Any miss on the data could weigh heavily on the pound raising the scope for upside in EUR/GBP.
Break below 0.7570 could see sharp fall to 0.7425 levels.
Technicals support upside in the pair, weakness only below 0.7570.
Pair now finds immediate support and resistance at 0.7656 (10-DMA) and 0.7716 (Feb 5th highs).
Go long on breakout above 0.77, SL: 0.7655, TP: 0.7750/0.7790
Trade closed: target reached:
EUR/GBP has broken above 78.6% Fib at 0.7865, but struggles at 0.79 handle.
Pair finds major resistance at 0.7927. Expect some consolidation at current levels.
Break above 0.7927 to resume upside.
Pair finds major resistance at 0.7927. Expect some consolidation at current levels.
Break above 0.7927 to resume upside.
