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EUR/GBP extends gains after dismal UK data

FXStreet (Mumbai) - The EUR/GBP pair extended gains after the UK data showed the retail sales fell sharply following September’s surge.

Eyes hourly 100-MA

The pair which sat above hourly 50-MA at 0.7002 ahead of the UK data is now eyeing the hourly 100-MA located at 0.7024 levels. The retail sales dropped 0.6% m/m in October following a 1.7% rise in September. The core figure also dropped more than estimates to 0.9%.

The cross currently trades around 0.7015 levels after having hit a low of 0.6983 in the early European session.

EUR/GBP Technical Levels

The immediate resistance is located at 0.7024 (hourly 100-MA), above which the pair could target 0.7058 (hourly 200-MA). On the other side, a failure to sustain above 0.7002 (hourly 50-MA) could open doors for a sell-off to 0.6951 (Aug 5 low).

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