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EUR/GBP bounces to 0.7350, UK data eyed

FXStreet (Edinburgh) - Following session lows near 0.7330, EUR/GBP has managed to recover some ground and is now trading in the mid-0.7300s.

EUR/GBP lower on GBP-strength

The firmer tone of the sterling in combination with some selling interest surrounding the single currency has been weighing on the cross throughout the Asian session on Friday, although the weekly support around 0.7330 seems to have contained the sellers so far.

Data wise across the Channel, UK’s trade balance figures are only due, with consensus expecting the trade deficit to have shrunk to £10 billion during August.

EUR/GBP relevant levels

As of writing the cross is losing 0.02% at 0.7356 with the next support at 0.7280 (up trend from mid-Aug/55-d sma) followed by 0.7215 (200-d sma) and then 0.7196 (low Sep.22). On the other hand, a surpass of 0.7442 (high Oct.2) would expose 0.7483 (high May 7) and finally 0.7500 (psychological handle).

Downside risks to UK construction output – TDS

Annette Beacher, Chief Asia-Pac Macro Strategist at TD Securities, expectes small downside risks to UK construction output, which we expect to rebound in August by 0.8% m/m (consensus: 1.0%), after a decline of 1.0% in July.
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