EUR/GBP flirting with lows near 0.8500

EUR/GBP is trading on the defensive for the second session in a row today in response to a better tone surrounding the Sterling for the time being.

EUR/GBP focus on EMU, German data

The European cross is extending its rangebound pattern between 0.8500 and 0.8600 seen in recent sessions following a quite decent pick up in the demand for GBP, while the shared currency has recently intensified its selling bias.

Data wise in the euro region, German Retail Sales jumped 1.7% MoM during July, while unemployment figures are next on tap ahead of EMU’s advanced CPI for the current month.

EUR/GBP key levels

The cross is now retreating 0.12% at 0.8509 facing the next support at 0.8482 (low Aug.24) ahead of 0.8461 (support trend line off July’s low) and finally 0.8341 (low Aug.4). On the other hand, a surpass of 0.8693 (high Aug.19) would aim for 0.8727 (2016 high Aug.16) and then 0.8778 (high Jul.31 2013).