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Forex: EUR/GBP soars to 14-month high

By FXstreet.com,  May 03, 2011, 07:50:00 AM EDT

FXstreet.com (Córdoba) - The British Pound plummeted earlier on, following a much weaker-than-expected UK Manufacturing PMI figure for April at 54.6, down from 56.7 in March.

While the Pound is under pressure across the board the Euro is mixed. EUR/GBP jumped more than 60 pips after the data and set a fresh 14-month high at 0.8978 before finding resistance. At time of writing, the pair is trading just below that peak, at the 0.8970 zone, where it posts a 0.74% daily gain.

Immediate resistance levels for EUR/GBP might be faced at 0.8980 ahead of the 0.9000 psychological level, while next supports could be found around 0.8955 and the 0.8930/35 zone.




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

Referenced Stocks:



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