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EUR/GBP back above 0.70 ahead of UK data

FXStreet (Mumbai) - The correction in the USD after Fed minutes strengthened the EUR/USD more than GBP/USD, taking the EUR/GBP cross above 0.70 handle in early European session.

Eyes UK data

The headline reading for retail sales volume is expected to contract by 0.2% month-on-month as the positive effect of the Rugby world cup is seen fading. Retail sales volume printed a month-on-month increase of 1.9% in September on account of promotions centred around the Rugby World Cup.

Apart from the data, the cross could also be influenced by the European equity markets. At the moment, the pair is trading around 0.7006 levels.

EUR/GBP Technical Levels

The immediate resistance is located at 0.7027 (hourly 100-MA), above which the pair could target 0.7060 (hourly 200-MA). On the other side, a failure to sustain above 0.70 handle could see the pair revisit previous day’s low of 0.6981.

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