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EUR/GBP around 0.7040 in a tight range

FXStreet (Edinburgh) - Both the sterling and the single currency remain in a consolidative pattern at the end of the Asian session on Monday, with EUR/GBP navigating the 0.7040 area so far.

EUR/GBP attention to UK, EMU data

It will be a critical week for the euro in light of the key ECB meeting due on Thursday, with speculations of additional easing by the central bank growing bigger amongst traders. In the meantime, German Retail Sales and preliminary inflation figures for the current month are due later today.

Across the Channel, Mortgage Approvals, Net Lending to Individuals, Consumer Credit and M4 Money Supply will be the main highlights in the UK docket.

EUR/GBP important levels

As of writing the cross is down 0.02% at 0.7040 and a breach of 0.6985 (low Nov.17) would open the door to 0.6948 (low Aug.5) and then 0.6934 (2015 low Jul.17). On the flip side, the next hurdle lines up at 0.7101 (23.6% Fibo of 0.7496-0.6979) ahead of 0.7192 (100-day sma) and finally 0.7204 (200-day sma).

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