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EUR/GBP slumps to 0.7360

FXStreet (Edinburgh) - The increasing offered tone around the single currency keeps weighing on EUR/GBP on Wednesday, dragging it to session lows in the 0.7370/65 band.

EUR/GBP lower following EMU data

The European cross continues to surrender gains today, fading the weekly spike to multi-week tops near 0.7460 (Tuesday) in response to the softer tone surrounding the euro.

Data wise in the UK economy, GDP figures came in below expectations for the second quarter, while EMU’s consumer prices have contracted 0.1% on a year to September, missing initial forecasts.

EUR/GBP relevant levels

As of writing the cross is losing 0.50% at 0.7388 and a break below 0.7366 (low Sep.30) would open the door to 0.7335 (low Sep.28) and then 0.7303 (low Sep.25). On the flip side, the next hurdle lines up at 0.7433 (high Sep.30) followed by 0.7449 (high May 6) and finally 0.7483 (high May 7).

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