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EUR/GBP capped around 0.7900

FXStreet (Edinburgh) - The tight range prevails in EUR/GBP on Wednesday, while market participants wait for the string of data releases in the UK ahead of the FOMC meeting later on today.

EUR/GBP focus on UK data

The cross keeps the consolidative patter between 0.7860 and 0.7900 in the first half of the week, looking to stabilize after the pullback from October peaks near 0.8050. Ahead in the day, UK docket carries the potential to spark some moves, as Consumer Credit (£0.8 billion exp.), M4 Money Supply (0.5% MoM exp.), Mortgage Approvals (62.250K exp.) and Net Lending to Individuals (£2.8 billion exp.) are all due later. Nothing of note from the EUR side of the equation, with the critical flash CPI in the euro area out on Friday. Dmytro Bondar, Technical Analyst at RBS, observed, “For now it is likely to stay in a channel, with a possible dip towards the 0.7800 support level, but overall remains posed for more upside amid inside week at the start of October and clear bullish divergence with MACD”.

EUR/GBP levels to consider

As of writing the cross is flat at 0.7894 with the next resistance at 0.7901 (high Oct.28) ahead of 0.7917 (high Oct.23) and then 0.7926 (high Oct.22). On the flip side, a breakdown of 0.7864 (low Oct.27) would expose 0.7851 (low Oct.10) and finally 0.7833 (76.4% of 0.7767-0.8046).

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