EUR/GBP: bias is bearish to 200-DMA at 0.8632
|Currently, EUR/GBP is trading at 0.8786, up 0.37% on the day, having posted a daily high at 0.8790 and low at 0.8745.
US: Another downward surprise in CPI data for June - Natixis
EUR/GBP is currently making small tracks to the upside as Sterling traders take profit at the start of the week. GBP/USD rallied at the end of last week on the back of poor US economic data cementing Yellen's concerns from her dovish testimony.
GBP/USD: dips are a buy - Scotiabank
However, the minor recovery is not convincing with lower highs scored in a choppy drift and traders are nervous ahead of the ECB later this week. EUR/USD entered the US session -0.08% while the pound was also lower with full Brexit talks starting in Brussels today in a subdued European session following the Japanese holiday. So long as Sterling holds the 1.30 handle, with near term support sighted at 1.3030 and 1.3050, a buy on dips has been called analysts at Scotiabank while traders await key UK June inflation and retail sales data this week.
UK CPI: Inflationary pressures should prove temporary - HSBC
EUR/GBP levels
Analysts at Commerbank argued that EUR/GBP's near-term outlook comes with a negative bias: "EUR/GBP saw a false break higher last week and towards the end of week broke lower. The near term risk is that we will see losses to the 200 day ma at 0.8632. Dips lower are indicated to terminate here, however, given that last week's action constituted a key week reversal I suspect we may see further losses to the 55-week ma at 0.8613 and the 2015-2017 uptrend at 0.8549."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.