Euro trims gains against British Pound despite positive German Retail Sales figures
- EUR/GBP drifts lower, approaching year-to-date lows, in the 0.8600 area.
- Strong German Retail Sales and the UK GDP's downward revision have failed to support the pair.
- Euro bears are likely to find significant support at the 0.8600 area.
The Euro (EUR) trades lower against the British Pound (GBP) for the second consecutive day on Tuesday, with price action approaching 11-month lows at 0.8600. The positive surprise of German Retail Sales has failed to boost the Euro, while the downward revision to the UK’s Q1 Gross Domestic Product had no visible impact on the Pound.
Eurozone data released earlier in the day revealed that German Retail Sales increased 1.1% in May, following a downwardly revised 0.4% decline in April, and beating expectations of a 0.1% contraction. In the twelve months to May, retail consumption rose 1.8%, following a 0.6% drop in April, according to data released by Destatis on Tuesday.
In the UK, the final estimation of the Q1 GDP, also released on Tuesday, showed that the economy grew 0.6% in the first three months of the year, unchanged from previous estimations, although the year-on-year growth has been revised to 0.9%, down from the previously reported 1.1% rise.
Technical Analysis: Euro bears are likely to be challenged around 0.8600
EUR/GBP trades at 0.8610, consolidating just above nearby support as the cross oscillates in a tight range. The immediate bias is bearish with the four-hour Relative Strength Index (14) at 35.57, hinting at slightly soft momentum. The Moving Average Convergence Divergence (MACD) hovers around the zero line, reinforcing the idea of a directionless market rather than a trending phase.
Against this background, bears are likely to need additional impulse to breach the support area between year-to-date (YTD) lows, at 0.8604, and the mid-August 2025 lows, at 0.8597. If these levels give way, the next target will be the June 23, 2025 high around 0.8575.
On the topside, immediate resistance is seen at Monday's high of 0.8632, followed by a previous support-turned-resistance at 0.8657 (Jun 19 high). Further up, the June 22 high, near 0.8690, would come into focus.
(The technical analysis of this story was written with the help of an AI tool.)
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.21% | 0.17% | 0.24% | 0.17% | 0.00% | -0.16% | 0.19% | |
| EUR | -0.21% | -0.03% | 0.00% | -0.09% | -0.21% | -0.40% | -0.03% | |
| GBP | -0.17% | 0.03% | 0.04% | -0.05% | -0.17% | -0.36% | -0.00% | |
| JPY | -0.24% | 0.00% | -0.04% | -0.08% | -0.25% | -0.40% | -0.06% | |
| CAD | -0.17% | 0.09% | 0.05% | 0.08% | -0.18% | -0.33% | 0.02% | |
| AUD | -0.00% | 0.21% | 0.17% | 0.25% | 0.18% | -0.15% | 0.20% | |
| NZD | 0.16% | 0.40% | 0.36% | 0.40% | 0.33% | 0.15% | 0.34% | |
| CHF | -0.19% | 0.03% | 0.00% | 0.06% | -0.02% | -0.20% | -0.34% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
(This story was corrected on June 30 at 12:15 GMT to say, in the headline, that German Retail Sales data beat expectations, not Eurozone PMI data.)
Author
Guillermo Alcala
FXStreet
Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.
