EUR/GBP’s taking the strain this morning after the Services PMI data was leaked a day earlier and produced a sharp jump to 53.7 from 51.0 in August. The cross has slumped through 0.7900 in the Asian session and is currently showing little signs of a bounce as hopes of an end to the UK’s falling economy build after the longest double dip recession in 50 years.
Bids below lie in the 0.7880/85 zone below with a break there targeting the August lows around 0.7810/15
GBP/USD’s sitting around 1.5860, but still struggling to break higher through the fibonacci resistance around 1.5909 ( 61.8% of the 1.6304/1.5269 fall from April to June).
Offers remain in the 1.5890/5910 zone ahead of some buy stops through 1.5915. Bids towards 1.5850 are currently containing any falls ahead of some rising trendline support around 1.5820 and more bids around 1.5800/10.
