EUR/GBP clinches highs near 0.8580, PMI eyed

The now softer tone around the Sterling is helping EUR/GBP to reclaim the area of session tops in the vicinity of 0.8580.

EUR/GBP attention to PMI

The European cross has managed to bounce off Friday’s lows in the 0.8480 region, so far gaining around a cent amidst a positive performance during the first half of the week.

Lower-than-expected UK’s manufacturing PMI during March has weighed on GBP on Monday, collaborating with the upside in spite of the pick up in the selling mood around the euro.

Ahead in the session, UK’s Construction PMI is only due across the Channel, while the speech by Mario Draghi and EMU’s Retail Sales during February are expected in the euro bloc.

EUR/GBP key levels

The cross is now gaining 0.29% at 0.8569 facing the immediate hurdle at 0.8590 (200-day sma) followed by 0.8639 (38.2% Fibo of February-March up move) and then 0.8655 (20-day sma). On the other hand, a breach of 0.8480 (low Mar.31) would expose 0.8417 (low Feb.23) and finally 0.8399 (2017 low Feb.22).