EUR/GBP sidelined around 0.8360 ahead of UK Retail Sales

The lack of direction in the global markets is prompting EUR/GBP to attempt a consolidative theme around 0.8360 at the end of the week.

EUR/GBP attention to data

The European cross is trading almost unchanged on Friday, looking to consolidate Tuesday’s sharp pullback from tops above the 0.8500 handle to the boundaries of 0.8300 the figure, where some buying interest seems to have emerged.

On the EUR side, advanced PMIs for the current month in Euroland will be the main releases today, while March’s Retail Sales are expected across the Channel.

Recall that GBP attracted a lot of fresh buying interest after PM Theresa May called for early elections on Tuesday to be held on June 8. The House of Commons has later voted 522-13 favouring May’s call.

May said that early elections should bring in more stability ahead of the upcoming Brexit negotiations.

EUR/GBP key levels

The cross is now gaining 0.09% at 0.8374 and a breakout of 0.8416 (high Apr.20) would aim for 0.8514 (high Apr.18) and finally 0.8563 (55-day sma). On the other hand, the immediate support lines up at 0.8354 (low Apr.20) seconded by 0.8334 (low Apr.19) and then 0.8312 (2017 low Apr.19).


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