FxWirePro: EUR/GBP Daily Outlook

Chart - Courtesy Trading View 

EUR/GBP was trading 0.09% higher on the day at 0.8328 at around 12:20 GMT.

The pair has erased most of the session's gains and has slipped lower from intraday high of 0.8351.

Germany's Bundesbank in its monthly report published earlier on Monday noted that the German economy is expected to contract again in the first quarter of the year.

Data released earlier today showed German manufacturing sector slowed its pace of expansion in February.

German Manufacturing PMI came in at 58.5 this month, a two-month low vs. 53.0 expected and 52.2 prior, data from IHS/Markit research showed.

Services PMI rebounds from ten-month lows of 52.2 booked previously to 56.6 in February and as against 53.0 estimated.

While, Composite Output Index arrived at 56.2 in February vs. 54.3 expected and January’s 53.8.

On the other side, upbeat UK Preliminary PMIs keep the British pound buoyed, weighing on the pair.

UK Manufacturing PMI steadies at 57.3 in February. While the Services PMI comes in at 60.8, a big beat on forecasts.

EUR/GBP trades with a strong bearish bias. Recovery attempts lack traction. The pair is poised to extend downside. Major bear target lies at 0.8265.