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EUR/GBP surpasses 0.7900 on data

FXStreet (Edinburgh) - EUR/GBP keeps pushing higher on Thursday, now posting fresh intraday highs in the 0.7910/15 band.

EUR/GBP stronger post-UK sales

The sterling is suffering the poor retail sales results in the UK economy, expanding below estimates 2.7% on a year to September. Core sales, excluding the Fuel component, followed suit, contracting 0.3% inter-month and 3.1% over the last twelve months. “Key resistance is the 2 year pivot line and the 2013-2014 downtrend at .8061/80 – while capped here we are longer term still negative”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

EUR/GBP levels to watch

As of writing the cross is advancing 0.30% at 0.7905 with the next resistance at 0.7920 (10-d MA) followed by 0.7926 (high Oct.22) and then 0.7942 (high Oct.21). On the downside, a breach of 0.7851 (low Oct.10) would aim for 0.7833 (76.4% of 0.7767-0.8046) and finally 0.7791 (low Oct.2).

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