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16 Dec 2014
EUR/GBP rises after German PMI data
FXStreet (Mumbai) - The EUR/GBP pair is back near the day’s high after the preliminary data from HSBC showed a rebound in German manufacturing activity.
The EUR/GBP pair now trades 0.16% higher at 0.7967. The preliminary HSBC German Manufacturing Purchasing Manager’s Index (PMI) for December came-in at a two-month high of 51.2, against the expectation of 50.3, and up from the previous month’s print of 49.5. Moreover, a print above 50.00 indicates the manufacturing activity expanded in December. However, broader gains remained capped since the service activity and the composite activity slowed down to multi-month lows.
Meanwhile, the investors also await the UK CPI data for November which is expected to show price pressures cooled down to 1.2%, from 1.3% in October.
EUR/GBP Pair Technical Levels
The pair has an immediate resistance located at 0.7978 levels, above which gains could be extended to 0.80 levels. Meanwhile, support is seen at 0.7942 and 0.7917 (100-DMA) levels.
The EUR/GBP pair now trades 0.16% higher at 0.7967. The preliminary HSBC German Manufacturing Purchasing Manager’s Index (PMI) for December came-in at a two-month high of 51.2, against the expectation of 50.3, and up from the previous month’s print of 49.5. Moreover, a print above 50.00 indicates the manufacturing activity expanded in December. However, broader gains remained capped since the service activity and the composite activity slowed down to multi-month lows.
Meanwhile, the investors also await the UK CPI data for November which is expected to show price pressures cooled down to 1.2%, from 1.3% in October.
EUR/GBP Pair Technical Levels
The pair has an immediate resistance located at 0.7978 levels, above which gains could be extended to 0.80 levels. Meanwhile, support is seen at 0.7942 and 0.7917 (100-DMA) levels.