Wednesday, September 23, 2015

EUR/GBP retreats from highs, keeps gains

FXStreet (Edinburgh) - The better tone surrounding the single currency is helping EUR/GBP to keep the upper bound of the daily range, albeit a tad lower than session peaks.

EUR/GBP looks to PMIs

The sentiment in the global markets is still favouring the risk aversion towards the end of the Asian session, in response to another miss in the Chinese Caixin Manufacturing PMI for the current month, coming in at 47.0 vs. 47.5 expected.

Ahead in the day, preliminary manufacturing and services PMIs will take centre stage in Euroland, preceding the speech by ECB’s President M.Draghi.

EUR/GBP relevant levels

As of writing the cross is up 0.20% at 0.7253 facing the next hurdle at 0.7284 (high Sep.21) ahead of 0.7362 (high Sep.16) and finally 0.7376 (high Sep.3). On the other hand, a break below 0.7091 (low Aug.20) would open the door to 0.7026 (low Aug.18) and then 0.6951 (low Aug.5).
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