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

0 122
  • 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.

Sponsored

Seize the chance to earn real money instantly!
Take 4 simple steps along the path to success and financial independence
1
Open a trading account to sign up for MetaTrader 4
Beginner traders can start their career in forex Practice on a demo account
2
Download MetaTrader 4 - Powerful, reliable and proven trading platform
System requirements: Windows 7 and later versions
platform MetaTrader 4 for Android
System requirements: Android 4.0 and above, 3G/WiFi
platform MetaTrader 4 for iOS
System requirements: iOS 4.0 or later, 3G/Wifi
3
Deposit to your trading account through any convenient payment system
4
Great bonuses guarantee your confident start in trading
Bonuses are added ranging in size From 20% to 50% to your account every time you make a deposit
Related topics
guest
0 comments
Inline Feedbacks
View all comments
enEnglish