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FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(USDCHF and EURUSD) for the day
FxWirePro: EUR/GBP jumps higher, pound on the defensive after dismal UK Retail sales data
Chart - Courtesy Trading View
EUR/GBP retreats from fresh multi-year lows and was trading 0.48% higher on the day at 0.8357 at around 12:15 GMT.
The pair jumps higher as the British pound goes on the defensive after dismal UK Retail sales data.
UK's Office for National Statistics reported that the total value of inflation-adjusted sales at the retail level plunged 3.7% in December as against market expectations for a fall of 0.6%.
The pound also continues to be weighed down by the UK political crisis amid growing demands for Prime Minister Boris Johnson's resignation over a series of lockdown parties in Downing Street.
EUR/GBP trades with a major bearish bias. That said, oversold conditions may see some pullbacks in the pair.
Upside in the pair remains capped at 20-DMA. Break above will see minor upside. Next immediate resistance lies at 21-EMA at 0.8369.