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2 Jan 2015
EUR/GBP recovers from 6-year lows on Upbeat German Manufacturing PMI
FXStreet (Mumbai) - The single currency trades unchanged against the British pound today, recovering from six-year lows hit earlier in the day after the German manufacturing sector rebounded in December.
The EUR/GBP pair now trades flat at 0.7765 levels, bouncing off from six-year low hit at 0.7745 levels some time ago. The EUR/GBP recovered against the sterling after the German factory activity rose into expansion territory in December last year in line with expectations. The manufacturing sector rose to 51.2 during the final month of the 2014 from 49.5 seen in November against expectations of a 51.2 result.
Earlier in the day, EUR/GBP plunged to fresh six-year lows after the European Central Bank (ECB) Chief Draghi’s warned about the heightened risk of ECB failing to deliver its mandate of price stability now than 6 months ago.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7788 (Jan 1 High) and above which it could extend gains to at 0.78 levels. To the downside immediate support might be located at 0.77 and below that at 0.7660 levels.
The EUR/GBP pair now trades flat at 0.7765 levels, bouncing off from six-year low hit at 0.7745 levels some time ago. The EUR/GBP recovered against the sterling after the German factory activity rose into expansion territory in December last year in line with expectations. The manufacturing sector rose to 51.2 during the final month of the 2014 from 49.5 seen in November against expectations of a 51.2 result.
Earlier in the day, EUR/GBP plunged to fresh six-year lows after the European Central Bank (ECB) Chief Draghi’s warned about the heightened risk of ECB failing to deliver its mandate of price stability now than 6 months ago.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7788 (Jan 1 High) and above which it could extend gains to at 0.78 levels. To the downside immediate support might be located at 0.77 and below that at 0.7660 levels.