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Forex: EUR/GBP bounces off lows to 0.8527/33

FXstreet.com (Barcelona) - The EUR/GBP bounced off its intraday lows at 0.8518, incurred on the back end of German and EMU economic data Tuesday. With the publication of lackluster data, the cross fell sharply, though has now recovered the mark of 0.8527/33, still down -0.15% on the day.

According to the technical analyst team at ICN.com, “The EUR/GBP retreated sharply after testing 0.8600 resistance area, which keeps the bearish scenario intact – a break below the 0.8500 level again is needed to accelerate the bearish bias, on the other hand holding below 0.8650 is required for this scenario to remain valid.”

In Germany, Markit Manufacturing PMI (April) yielded a figure of only 47.9, missing estimates of 49.0. Moreover, Markit Services PMI (April) came in at 49.2, relative to expectations of 51.0. Meanwhile, in the EMU, Markit Manufacturing PMI (April) was reported at 46.5 vs. a projection of 46.8. The Markit PMI Composite has also yielded 46.5 in April, matching a consensus of 46.5.

Mataf.net analysts isolate supports at 0.8519, ahead of 0.8501, and finally 0.8466. On the ascension, the EUR/GBP will encounter calculated resistance at 0.8572, then 0.8607, and finally 0.8625.

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