FXStreet (Mumbai) – Having faced rejection at daily pivot in last hours, the cross in EUR/GBP fell back in the red zone following the release of weak Euro zone retail sales data.
EUR/GBP sits near three-month lows
Currently, the EUR/GBP pair trades -0.11% lower at 0.7056, failing on a couple of occasions near the daily pivot located at 0.7077. The cross turned lower after the shared currency received another blow from below estimates Euro zone retail sales numbers.
Eurostat stated that the Euro area retail sales unexpectedly dropped to -0.1% during September, against market expectations of a 0.2% rise.
While the cable trades absolutely listless ahead of the BOE Super Thursday events, having negligible impact on the EUR/GBP cross.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7100/03 (round number/ 5-DMA), above which it could extend gains to 0.7140/55 (10-DMA/ 1h 200-SMA). To the downside immediate support might be located at 0.7042 (daily low) below that at 0.6981 (June low).
(Market News Provided by FXstreet)