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EUR/GBP drops to near 50-DMA levels

FXStreet (Mumbai) - The last minute selling in EUR ahead of the ECB meeting, pushed the EUR/GBP cross to within touching distance from its 50-DMA located at 0.7315 levels.

Focus on UK data

The immediate focus now is on the UK data, which is expected to show a tightening labor markets and rising wages translated led to a higher retail consumption in September.

Post UK data, the expectations surrounding the ECB meeting would once again guide the trading in the EUR/GBP pair. At the time of writing, the pair was at its daily low of 0.7320.

EUR/GBP Technical Levels

The immediate support is seen at 0.7315 (50-DMA), under which the pair could drop to 0.7260 (trend line support seen on the monthly chart)-0.7255 (200-DMA). On the higher side, a break above 0.7333 (Oct 7 low) would expose 10-DMA at 0.7372 and 0.74 handle.

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