Data keeps bearish EURGBP momentum intact
The highlight of the European economic data this morning is the UK services PMI which held up at very robust levels, registering a slight increase to 60.5. There were few surprises from the eurozone, with the August services PMI revised down to 50.7 and July retail sales rising by 0.1% m/m. EURGBP has hit a new three-month low after breaking below the 200-day MA earlier this week. While the bias remains to the downside, our technical analyst suggests EURGBP 0.8414-23 level should provide some support to the cross.
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BNP Paribas