Forex: EUR/GBP jumps on disappointing UK and EMU data

The economic calendar is triggering moves in the FX world, including a jump on the EUR/GBP, from 0.8640 back to the opening price of the week at 0.8658, as both UK and EMU data disappoint.

The UK PMI Construction dropped from 48.7 to 46.8 in February, instead of rising to 49.0 as expected by analysts. The EMU Sentix Investor Confidence fell more than predicted, from -3.9 to -10.6 in March, while consensus was pointing to -5.2.

UBS analysts are bullish on the EUR/GBP: "Resistance is at 0.8696 ahead of 0.8831", wrote analyst Gareth Berry, pointing to support at 0.8576 ahead of 0.8535.