EURGBP | May It Stay Rangebound After PMI data?Euro vs. Great British PoundFX:EURGBPDatTongMacro approach: - EURGBP may stay range-bound after both Eurozone and UK PMIs beat expectations. Eurozone manufacturing rose strongly to 52.8, supporting the euro and reinforcing the outlook for further ECB tightening. - However, UK composite PMI climbed to a four-month high of 52.5, driven by stronger services activity, keeping sterling supported alongside improving consumer confidence. - Overall, both currencies remain firm, but stronger UK services momentum may keep EURGBP mildly bearish. Technical approach: - After retesting the swing high at 0.8585, EURGBP declined significantly toward EMA21. The shows no obvious structure, suggesting a potential shift to sideways trend. - If EURGBP remains above the support at 0.8560 and EMA21, it may retest the swing hight at 0.8585. - On the contrary, breaking below the support at 0.8560, the ascending trendline and EMA78, may prompt a further correction toward the next support at 0.8540. Analysis by: Quoc Dat Tong, Senior Financial Markets Strategist at Exness