EUR/GBP testing highs near 0.7400 post PMIs

By FXStreet FXStreet (Mumbai) – The cross in the EUR/GBP peeked back in the green and tests daily highs following the release of sluggish Eurozone and German services sector data.

EUR/GBP eyes 0.7400

Currently, the EUR/GBP pair trades 0.15% higher at 0.7394, and looks to retest 0.74 handle. The EUR/GBP cross found fresh buying interest as the shared currency edged higher after the final services PMI reports from the Euro are economies.

Germany’s final services PMI, eased to 54.1 from 54.9 in August. The preliminary print came in at 54.3. While the 19-nation bloc’s services PMI booked 53.7 points in Sept, down from 54.4 a month ago. The preliminary survey stood at a 54.0 result.

However, restricting the upside in EUR/GBP cross, the pound remains firmer against the greenback, as markets now turn their attention towards the UK services PMI results due out shortly.

EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7442 (Oct 2 High) levels and above which it could extend gains to 0.7500 levels. To the downside immediate support might be located at 0.7333 (Sept 28 Low) below that at 0.7292 (Sept 11 Low).
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Source:: FX Street