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EUR/GBP falls below 0.8000 after EZ and UK data

FXStreet (Córdoba) - EUR/GBP finally gave up the 0.8000 level Thursday and fell to fresh daily lows during the European session, following the release of better-than-expected UK retail sales data.

United Kingdom retail sales rose by 0.8% in October (headline & ex-fuel) versus an increase of 0.3% forecasted. On annual basis, sales grew 4.3% versus 3.8% expected and ex-fuel 4.6% against 4.2% of median consensus.

Pound strengthened with the numbers, dragging EUR/GBP to a fresh 2-day low of 0.7974 in recent dealings. However, the cross was already under pressure on the back of disappointing Eurozone PMIs. At time of writing, the pair is trading at 0.7985, 0.2% below its opening price.

EUR/GBP levels to watch

As for technical levels, 0.7974 (Nov 20 low),0.7954 (Nov 18 & 17 lows) and 0.7929 (10-day SMA) are EUR/GBP support levels. On the flip side, resistances are seen at 0.8037 (Nov 19 high), 0.8051 (200-day SMA) and 0.8065 (Sept 10 high).

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