EUR/GBP settles below 0.8400, moves slightly after Eurozone PMI

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  • EUR/GBP remains EUR/GBP Ranged despite strong Eurozone PMI readings.
  • A modest recovery in the sterling negates the positive factor and limits the gains.
  • The fundamental background supports expectations of some recovery in the near term.

EUR/GBP extended EUR/GBP Its price moves sideways - below the 0.8400 level - and moved slightly after the Eurozone PMIs.

After pulling back during the previous intraday session from one-week highs, the pair was seen to consolidate in a tight range of trading during the early European session on Friday. The common currency found some support from the slightly better than expected German Manufacturing PMI, which largely negated the disappointment from the Services PMI.

The intraday tone of supply remained unabated and even got additional support after the broader Eurozone PMI data came in stronger than consensus estimates. However, the positive factor was largely offset by some recovery in the British pound, and eventually led to lower/range-bound price action on the last trading day of the week.

Meanwhile, persistent market fears of a possible no-deal Brexit at the end of the transition period later this year may limit any strong sterling rally and may help the pair build on this week's recovery from its lows in the region. two months.


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