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Forex pairs in this Article » EUR/GBP (London) - EUR/GBP has jumped through 0.8600 to reach 0.8620 from 0.8590 on the releases of bullish France and German and EZ PMI’s.

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 capped 0.8710

EUR/GBP has remained in negative territory since the key day reversal from 0.8710 last Wednesday when it 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. Danske Bank's Technical Update gives us 20d ma 0.8596, 50d ma 0.8548 and the 200d ma at 0.8401 with RSI (9) at 50.64 Support comes in at 0.8464, 0.8512, 0.8559 and 0.8575 with spot now 0.8610 Resistances are 0.8635 and 0.8646 with 0.8681 before the recent high 0.8710.
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