Forex: EUR/GBP back to test 0.8600 on manufacturing data

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With 0.8560 holding the EUR/GBP against any downside, the cross kept on rising particularly ahead of manufacturing data in Europe. The most awaited figure, of EMU Markit manufacturing PMI, rose from 46.1 to 47.8 (consensus of 47.4). The EUR/GBP is pressing the 0.8600 psychological level for new gains. A daily high was already printed at 0.8607.

The German figure rose from 46.0 to 49.8 (consensus of 48.8). The Italian manufacturing PMI came up from 46.7 to 47.8 (consensus of 47.4) and the Spanish data rose from 44.6 to 46.1 (consensus of 45.5). The French manufacturing eased from 44.6 to 42.9, as expected.

"EUR/GBP remains capable of further gains to key resistance, which is regarded at 0.8621, the 2009-2013 downtrend", wrote Commerzbank analyst Karen Jones. "Should the rally extend to here, we look for this to hold and provoke failure", she said, pointing to the first chink in the upmove on a break below 0.8540.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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