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EUR/GBP in red around 0.7350

FXStreet (Edinburgh) - The softer tone prevailing in the common currency is now dragging EUR/GBP to test the lower band of the daily range in the mid-0.7300s so far.

EUR/GBP focus on UK data, ECB

Quite interesting day for the European cross, as the ECB will hold its monetary policy meeting and September’s Retail Sales are expected across the Channel. Market consensus sees the increasing likeliness of a dovish tone by President M.Draghi, while headline sales would have expanded 0.4% from August to September.

In the meantime, the cross is posting losses after two consecutive positive sessions, finding quite decent support in the 0.7300 neighbourhood (Monday’s low).

EUR/GBP relevant levels

As of writing the cross is losing 0.04% at 0.7349 facing the next support at 0.7318 (uptrend from August low) followed by 0.7304 (55-day sma) and then 0.7281 (61.8% Fibo of 0.6934-0.7496). On the other hand, a breakout of 0.7475 (downtrend from December’14) would expose 0.7496 (high Oct.13) and finally 0.7595 (high Feb.3).

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