EUR GBP fell to multi week low
9/1/2016 10:56:24 AM
An unexpectedly stronger than anticipated UK manufacturing PMI improved the GBP across the board, with the EUR/GBP cross dropping to a fresh 4-week low level. At present floating around 0.8407 band, the cross is trying 50-day SMA immediate support after UK Markit Manufacturing PMI exceeded expectations and came-in to show a 10-month high print of 53.3. In the meantime, a softer tone surrounding the shared currency, ahead of the final Euro-zone manufacturing prints, also contributed to the sharp slip in the EUR/GBP cross. On a constant decline below 50-day SMA support near 0.8407, the cross seem to expand its near-term corrective move towards firstly towards 0.8365 intermediate support and finally towards an important horizontal support near 0.8325 level. In the meantime on the upside, any recovery effort might now provoke strong persistence near 0.8480 level, which if cleared might disprove near-term bearish bias and help the pair to get back 0.8500 psychological mark.
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