FxWirePro: GBP/NZD downside pressure is building, chances of a bigger collapse to key fibo support grows
FxWirePro: EUR/GBP edges higher from multi-week lows, single currency buoyed on upbeat German PMIs
EUR/GBP chart - Trading View
EUR/GBP was trading 0.14% lower on the day at 0.8543 at around 12:20 GMT.
The pair edged higher from multi-week lows at 0.8530 hit earlier on the day after upbeat German PMI data.
The preliminary manufacturing activity report from IHS/Markit research showed German manufacturing sector unexpectedly quickened its pace of expansion in June.
German Manufacturing PMI printed at 64.9 in June vs. 63.0 expected. German Services PMI rose to 58.1 in June beating forecasts at 55.5.
The IHS Markit Flash Germany Composite Output Index rebounded to hit 123-month highs, arriving at 60.4 in June vs. 57.5 expected and May’s 56.2.
Upside looks limited. Recovery was capped at 55-hourly EMA. Bias is strongly bearish, scope for downside resumption.
The pair is on track to test major trendline support at 0.85 mark. Break below will open further downside. Next major bear target lies at 88.6% Fib at 0.8415.