Global macro analysis for 01/07/2016:
The PMI Manufacturing data from across the Eurozone are scheduled for release at 08:30am GMT today. Last month, the flash reading for the whole EU was at the level of 52.6 and no change is expected in the final reading. That is the highest score since January 2016, which means the real economy was not damaged yet by the looming Brexit possibility. This month PMI reading might be even a little better than the last time, but the figure will not reflect the referendum vote, so it will probably not show the full effect until the June data. In order to see how Brexit has affected the sentiment change and economy, we will have to wait until next month data.
Let's now take a look at the EUR/GBP technical picture in the daily time frame. Bulls are in control over this market as the sequence of higher high is still being made.The next important resistance is at the level of 0.8401 and the support is at the level of 0.8116.
