• EUR/GBP was hammered below the 0.74 handle, following the release of the UK's GDP report and the current account data
  
  
• ONS data showed that the UK's GDP stood solid at 0.7% q/q in Q2, while the current account deficit narrowed to GBP16.8 billion, down from a revised deficit of GBP24 billion in Q1
  
  
• EUR/GBP cross accelerated to the downside as the pound was boosted across the board after the data
  
  
• The pair hit session lows at 0.7387, but has pared some losses and currently hovers around the 0.74 handle
  
  
• Eurozone unemployment rate and the headline CPI number were worse than consensus, but EUR largely muted post data
  
  
• CPI contracted at an annual pace of 0.1% vs. forecasts for a flat reading and down from July's 0.1% advance. The core print stayed put at 0.9%, matching estimates
  
  
• Resistance for EUR/GBP is located at 0.7431 (Today's High), above which it could extend gains to 0.7487 levels (May highs)
  
  
• To the downside immediate support might be located at 0.7333 (Sept 28 Low) below that at 0.7292 (Sept 11 Low)