Following market turbulence caused by a barrage of PMI numbers from the UK and the Eurozone, OANDA:EURGBP lost its grip on the psychological level of 0.8700. Although the eurozone PMI data indicated hints of economic improvement, it was still at contractionary levels, which saw the EUR lose ground versus the GBP, which was supported by better-than-expected PMI figures.
Although the trajectory of OANDA:EURGBP remains on the upside, a further exit away from the 0.8697-0.8700 will flip the bias to bearish with a possible move to 0.8660 support.