FxWirePro: EUR/GBP off 1-week low following UK downbeat retail sales
The euro rebounded from a 1-week low against the British pound following the release of downbeat UK retail sales data. Britain's retail sales fell 0.6 percent month-over-month in December following an upwardly revised 0.…
The euro rebounded from a 1-week low against the British pound following the release of downbeat UK retail sales data.
Britain's retail sales fell 0.6 percent month-over-month in December following an upwardly revised 0.8 percent drop in November and compared to market expectations of a 0.5 percent rise.
Earlier in the week, the pair rose to a 7-week peak on Bank of England policymaker's comments, citing that he would vote for a rate cut unless economic data improved significantly.
EUR/GBP is trading 0.1 percent up at 0.8524, having hit a low 0.8487 earlier, its lowest since January 10.
Technical indicators are biased higher: RSI strong at 50.80 and MACD supports upside.
Immediate resistance is located at 0.8539 (5-DMA), a break above could take it near 0.8558 (55-EMA).
On the downside, support is seen at 0.8479, a break below could drag it till 0.8454.
