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Forex pairs in this Article » EUR/GBP
FXstreet.com (Barcelona) - EUR/GBP is holding onto session highs ranging between 0.8631 and 0.8621.

EUR/GBP was been bid today after the release of better than expected EZ data. France Markit Manufacturing PMI (Jul) came in 49.8 vs 48.8 consensus and up on previous 48.4. France Markit Services PMI (Jul) came in at 48.3 vrs 47.7 consensus and up on previous 47.2. German Markit Manufacturing PMI (Jul) came in at 50.3 vs consensus 49.4 and up on previous 48.6, while Markit Services PMI (Jul) came in at 52.5 vs 50.8 and up on previous 50.4. EZ Markit PMI’s also improved in similar fashion, fulfilling an overall bullish picture in these sectors for the EZ.

EUR/GBP to resume bullish breakout?

EUR/GBP has rebounded above the sideways resistance line and may continue higher and resume the bullish breakout, supported by 0.8570 on the downside. However, EUR/GBP remains in broader negative territory from reversing at 0.8710 last Wednesday. It had eroded the 0.8591/38.2% retracement, targeting the 0.8514 3 month uptrend. The bear trend would remain in tact unless the pair could manage to rise above the current July high at 0.8710. This would bring this years 0.8793/0.8814 highs back into focus.
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