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EUR/GBP holds weaker below mid-0.8900s post-UK retail sales

   •  UK monthly retail sales post slightly better growth.
   •  GBP fails to benefit, Brexit uncertainty continues to weigh. 

The EUR/GBP cross extended overnight sharp retracement from levels beyond the key 0.90 psychological mark and traded with a mild negative bias post-UK data.

The cross held weaker below mid-0.8900s after the UK monthly retail sales recorded a modest m-o-m growth of 0.3% in October. The reading was better than consensus estimates pointing to a tepid growth of 0.1%. 

Despite a slightly better-than-expected data, the cross lacked any strong momentum as persistent Brexit uncertainty kept the GBP bulls on the back-foot. 

Next on tap would be the release of final EZ CPI print for October, which might provide some opportunities for short-term traders. Later during the NA session, the BoE Governor Mark Carney's speech would also be looked upon for some impetus.

   •  EUR/GBP seen within range in the next months – Danske Bank

Technical levels to watch

A follow-through profit-taking slide is likely to get extended towards 0.8925-20 intermediate support en-route the 0.8900 handle. On the flip side, renewed buying interest has the potential to lift the cross back towards the key 0.90 psychological mark ahead of 0.9025-35 resistance. 

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