EUR/GBP oscillates above 0.8520 ahead of UK Retail Sales

EUR/GBP is juggling in a minute range of 0.8520-0.8527 as investors await UK Retail Sales.
The ECB paddled up its interest rates surprisingly by 50 bps.
A slippage in UK Retail Sales will likely weaken the pound bulls.

Sagar Dua FXStreet

The EUR/GBP pair is displaying back and forth moves in a narrow range of 0.8520-0.8527 in the early Tokyo session. The cross has turned sideways as investors are awaiting the release of the UK Retail Sales. In the New York session, the asset surrendered its entire gains recorded on an interest rate hike by the European Central Bank (ECB).

ECB President Christine Lagarde unexpectedly announced a rate hike by half a percent vs. expectations of 25 bps. Credit goes to the elevated prices, forcing the ECB chief to feature a jumbo rate hike. Earlier, ECB Lagarde, in her testimony, guided that the ECB is interested in elevating interest rates by 25 bps in July and later on by 50 bps in September.

Also, the ECB announced a new quantitative tool to support the southern European economies. The new fragmented tool ‘Transmission Protection Instrument’ will provide liquidity to member countries against public and private securities, with a maturity period of 1-10 years if required.

Per the market consensus, the UK Retail Sales may slip to -5.3% vs. -4.7% recorded earlier. This indicates the vulnerability in the overall demand in the UK. The Retail Sales data is already contaminated with higher price pressures, and more damage to the Retail Sales indicates that the overall demand is extremely lower.

EUR/GBP

Overview
Today last price	0.8524
Today Daily Change	0.0028
Today Daily Change %	0.33
Today daily open	0.8496

Trends
Daily SMA20	0.8538
Daily SMA50	0.8535
Daily SMA100	0.846
Daily SMA200	0.8443

Levels
Previous Daily High	0.854
Previous Daily Low	0.8493
Previous Weekly High	0.8514
Previous Weekly Low	0.8404
Previous Monthly High	0.8721
Previous Monthly Low	0.8486
Daily Fibonacci 38.2%	0.8511
Daily Fibonacci 61.8%	0.8522
Daily Pivot Point S1	0.8479
Daily Pivot Point S2	0.8463
Daily Pivot Point S3	0.8432
Daily Pivot Point R1	0.8527
Daily Pivot Point R2	0.8557
Daily Pivot Point R3	0.8574

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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