EUR/GBP off highs post-ECB, around 0.8360

EUR/GBP keeps the upside momentum intact today, although it has retired to the 0.8360 region after posting highs around 0.8380.

EUR/GBP unchanged on steady ECB

The cross has barely reacted after the ECB left unchanged its monetary stance at today’s meeting, with the interest rate on the main refinancing operations, the interest rate on the marginal lending facility and the deposit facility at 0.00%, 0.25% and -0.40%, respectively.

In the meantime, the cross continues to recover part of the ground lost on Wednesday, backed by the offered bias of GBP in response to lower-than-expected UK’s retail sales during June.

EUR/GBP key levels

The cross is now advancing 0.23% at 0.8357 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).