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EUR/GBP weaker, retreats from 0.7400

FXStreet (Edinburgh) - After a failed attempt to regain the 0.7400 handle overnight, EUR/GBP has sparked a leg lower to the current area of 0.7380, or session lows.

EUR/GBP focus on Payrolls

The European cross has strongly rebounded from the mid-0.7300s on Thursday, following a wave of upside momentum in EUR. The up move, however, has stalled just ahead of 0.7400 the figure, allowing the ongoing correction lower.

Nothing to write home about on the data front, as UK’s Construction PMI and Producer Prices in Euroland are only due, all ahead the critical Non-farm Payrolls in the US economy.

EUR/GBP relevant levels

As of writing the cross is losing 0.21% at 0.7383 and a break below 0.7335 (low Sep.28) would expose 0.7303 (low Sep.25) and then 0.7238 (low Sep.24). On the flip side, the next hurdle lines up at 0.7394 (high Oct.1) followed by 0.7436 (high Sep.29) and then 0.7449 (high May 6).

US nonfarm payrolls likely to surge by 219K – TDS

Annette Beacher, Chief Asia-Pac Macro Strategist at TD Securities, suggest that the US Nonfarm payrolls are likely to post a growth of +219k in September which is above market consensus of +201k (range +149k to +256k) due to a solid improvement in the Conference Board labour market differential, a rebound in the Chicago PMI employment subcomponent, and an improving trend in initial jobless claims.
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