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Forex pairs in this Article » EUR/GBP (Athens) -The EUR/GBP is heading downwards for a fifth consecutive day, ahead of construction PMI data in UK.

The EUR/GBP continues to consolidate below 0.8500 area amid ‘no news’ on Syria’s issue

The EUR/GBP is trading downwards well below 0.8500 level, post BOE minutes last week. Later on, we have the release of the U.K. construction PMI, which might be a bit softer than the previous one in August, which was an over –the -top figure. While it would be difficult to reach the last month increase, an improvement is still widely expected. Yesterday, the sterling was a bit supported because of the US labor day, therefore traders should bear in mind that US markets reopen today. Last but not least, in addition to the constant encouraging UK data, ECB’s Nowotny said that “there's still uncertainty in Euro periphery”.

At the time of writing the pair is trading at 0.8577, down 0.14%. Technically speaking, a decent break below 0.8487 (61.8% Fib) will expose the 0.8448 (76.4% Fib) as the next objective, while a reversal back above 0.8487 on a daily closing basis targets 0.8518 (50% Fib expansion). The Trend Index shows the pair to be slightly bearish in a 15-minutes time framework. Daily pivot point support can be found at 0.8520, 0.8500, 0.8484 and resistance at 0.8600, 0.8622, 0.8698 respectively.
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