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EUR/GBP rises to fresh highs near 0.7420

FXStreet (Mumbai) - The cross in the EUR/GBP climbed further and held firmly above 0.74 handle in the mid-European session, after the shared currency was little affected by the dismal retail sales data from the Euro zone.

EUR/GBP supported above hourly 200-MA

Currently, the EUR/GBP pair trades 0.45% higher at fresh session highs of 0.7418, keeping 0.74 barrier on the EZ data. The EUR/GBP cross keeps pushing higher, as the muted Euro zone retail sales growth failed to dent the sentiment around the euro.

Euro zone’s retail sales showed no growth in August, down from 0.6% expansion in July. Markets had predicted a fall 0.1% in the reported period.

Meanwhile, markets continue to digest the latest PMI readings with the most disappointing one from the UK which keeps the GBP pressured, thereby boosting the EUR/GBP cross.

Markit/CIPS services PMI from the UK dropped further to 53.3 in September, far below market consensus of 56, coming in at the lowest levels since April 2013.

EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7442 (Oct 2 High) levels and above which it could extend gains to 0.7500 levels. To the downside immediate support might be located at 0.7333 (Sept 28 Low) below that at 0.7292 (Sept 11 Low).

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