Monday, October 5, 2015

EUR/GBP sidelines below 0.74, PMIs eyed

FXStreet (Edinburgh) - EUR/GBP is extending its overnight consolidative patter at the beginning of the week, currently navigating the 0.7385/90 band.

EUR/GBP focus on PMIs

Market participants keep digesting the miserable results from the US labour market published on Friday (Payrolls rose to 142K), although volatility remains scarce ahead of the European open.

In the data space, Services PMI in both Euroland and the UK economy will be on tap later, followed by EMU’s Retail Sales and the confidence gauge tracked by the Sentix index.

EUR/GBP relevant levels

As of writing the cross is losing 0.05% at 0.7386 and a break below 0.7335 (low Sep.28) would expose 0.7303 (low Sep.25) and then 0.7238 (low Sep.24). On the flip side, the next hurdle lines up at 0.7394 (high Oct.1) followed by 0.7442 (high Oct.2) and then 0.7449 (high May 6).
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