EURGBP Retreat After Stronger UK Construction PMI

EURGBP Hourly (H1) Chart

EURGBP gives up 0.40% at 0.8693 after the United Kingdom Construction PMI came in at 52.6, topping the expectations of 48.8 in February. The January reading was at 48.4. On the other hand, the European Monetary Union Unemployment Rate came in at 7.4% in line with forecasts for January. The European Monetary Union Consumer Price Index came in at 1.2% in line with estimates for February. 

EURGBP stalled at the 200-day moving average for the second day in a row and now the sellers have the upper hand. The pair managed to rally the last four trading sessions from the four-month lows, after a series of positive economic data from Germany and the European Monetary Union

On the downside, the first support stands at 0.8682 the daily low, while more bids would emerge at 0.8594 the low from yesterday’s trading session. On the upside, immediate resistance for the pair will be met at 0.8740, the daily top. The next resistance area stands at 0.8813 the high from October 14, 2019. 

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