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EUR/GBP in highs near 0.7420, UK data eyed

FXStreet (Edinburgh) - The better tone around the single currency is helping EUR/GBP to clinch the upper bound of the daily range near 0.7420.

EUR/GBP focus on EMU, UK data

The European cross is looking to consolidate the recent break above the 0.7400 handle on Tuesday, ahead of key releases in the euro area and the UK economy.

In fact, UK’s inflation figures are due and market consensus expects headline consumer prices to have come in flat during September, while core price are seen at 1.1% on a yearly basis.

On this side of the Channel, the German ZEW Survey is expected to ease some ground for the current month from September’s prints.

EUR/GBP relevant levels

As of writing the cross is up 0.30% at 0.7423 and a surpass of 0.7442 (high Oct.2) would expose 0.7483 (high May 7) and finally 0.7500 (psychological handle). On the flip side, the immediate support lines up at 0.7362 (up trend from September low) followed by 0.7300 (55-d sma/psychological level) and then 0.7196 (monthly low Sep.22).

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