EUR/GBP Signal - EUR Markit Services PMI - 5 May 2021

EURGBP has traded into a key support prior to the EUR Markit Services PMI data, which is an indicator of the economic situation in the Euro Zone services sector. It captures an overview of the condition of sales and employment. It is worth noting that the European service sector does not influence, either positively or negatively, the GDP as much as the PMI manufacturing does. Technically the pair is in an ascending wedge pattern and we anticipate continued downside into the 0.8620 level. The PPO is also giving divergence.