EUR/GBP jumps to one-week highs above 0.8820, after UK data

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  • Preliminary PMI data for January beats expectations in January.
  • UK PMI mixed with unexpected decline in services.
  • Pound weakens behind the data, EUR/GBP returns above the 20-day MA.

The EUR/GBP is rising for the fourth day in a row, boosted on Tuesday by a broadside drop in sterling following economic data. The cross is trading in the 0.8825 area, the highest level in a week.

The advance comes after the PMI reports from the Eurozone and the United Kingdom. Preliminary data for January from the Eurozone showed an improvement in the manufacturing index from 47.8 to 48.8, while the services index improved from 49.8 to 50.7. For its part, the United Kingdom showed a drop in services from 49.9 to 48, the lowest level in two years; while the manufacturer improved from 45.3 to 46.7.

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This data from the United Kingdom is added to others that show weakness in the British economy. This is putting pressure on the British pound, which among the G10 is the worst performer on Tuesday.

Added to the above is the fact that it became known that the public accounts worsened in December with a record debt of 27.4 billion pounds, well above the 17.75 billion expected.

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EUR/GBP’s rise accelerated after the data, going from 0.8785 to rise to 0.8826, the highest in a week and above the 20-day average that passes through 0.8815. If it continues higher, the next strong resistance is seen at 0.8860. In the opposite direction, to lose 0.8775, the bearish pressure would be relieved.

technical levels


Today’s last price 0.8823
Today Daily Change 0.0039
Today Daily Change % 0.44
Today daily open 0.8784
Daily SMA20 0.882
Daily SMA50 0.8729
Daily SMA100 0.873
Daily SMA200 0.8613
Previous Daily High 0.8815
Previous Daily Low 0.8754
Previous Weekly High 0.8887
Previous Weekly Low 0.8722
Previous Monthly High 0.8877
Previous Monthly Low 0.8547
Daily Fibonacci 38.2% 0.8792
Daily Fibonacci 61.8% 0.8778
Daily Pivot Point S1 0.8753
Daily Pivot Point S2 0.8723
Daily Pivot Point S3 0.8692
Daily Pivot Point R1 0.8814
Daily Pivot Point R2 0.8845
Daily Pivot Point R3 0.8875

Source: Fx Street

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