EUR/GBP testing highs near 0.8350

EUR/GBP has managed to bounce off daily lows and is now meandering the upper end of the range in the mid-0.8300s.

EUR/GBP attention to ECB, data

The European cross is looking to recover part of yesterday’s deep retracement to the vicinity of 0.8320, backed by a better note in both the sterling and the shared currency.

Anyway, the cross will remain under pressure ahead in the day, as UK’s Retail Sales are due later in the European morning, followed by the ECB meeting. Prior surveys expect sales to have dropped 0.6% during last month, while the ECB is seen keeping its monetary stance on hold.

EUR/GBP key levels

The cross is now advancing 0.02% at 0.8340 facing the initial up barrier at 0.8627 (2016 high Jul.6) ahead of 0.8651 (high Aug.28 2013) and then 0.8712 (high Jul.17 2013). On the flip side, a breach of 0.8248 (low Jul.14) would aim for 0.8233 (23.6% Fibo of 0.7595-0.8627) and then 0.8202 (low Jun.29).

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