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EURGBP trades higher after mixed UK PMI data.Intraday bias remains bullish as long as support 0.8480 holds. It hits an intraday high of 0.85512 and is currently trading around 0.85345.
The June 2025 UK Flash PMI data paints a nuanced economic landscape. Manufacturing remains in contraction, registering at 47.7, which—while still below the neutral 50 mark—suggests the sector’s decline is decelerating somewhat. In contrast, the services sector has logged its second consecutive month of growth, reaching 51.3. This modest expansion, however, is tempered by a notable drop in export orders, indicating that domestic demand rather than international markets is sustaining the sector.
The June 2025 UK Flash PMI data paints a nuanced economic landscape. Manufacturing remains in contraction, registering at 47.7, which—while still below the neutral 50 mark—suggests the sector’s decline is decelerating somewhat. In contrast, the services sector has logged its second consecutive month of growth, reaching 51.3. This modest expansion, however, is tempered by a notable drop in export orders, indicating that domestic demand rather than international markets is sustaining the sector.
Technical Analysis
The pair is currently trading above 55 and 200- EMA and 365-EMA on the 4-hour chart.
Bearish Trend Confirmation: Any break below 0.8480 confirms an intraday bearish trend. A drop to 0.84425/0.8400/0.8378/0.8340/0.8300 is likely.
Near-Term Resistance: The near -term resistance is around 0.8580. Any violation above will take the pair to 0.8615/ 0.8660/0.8765/0.8800.
Indicator Analysis (4-hour chart)
CCI (50): Bullish
Average Directional Movement Index: Neutral
Trading Recommendation
It is good to buy on dips around 0.8500 with SL around 0.8480 for a TP of 0.8605.
