EUR/GBP bounces off 0.7570 ahead of EMU CPI

EUR/GBP is posting moderate losses on Tuesday, although it has managed to revert the initial drop to the 0.7570 area, or session lows.

EUR/GBP attention to EMU data

The European cross is extending its sideline pattern around the 0.7600 area today, eroding yesterday’s losses in response to the offered tone prevailing in both the shared currency and the sterling.

Ahead in the session, and with UK markets returning to normalcy, the German economy will take centre stage in Euroland, with Retail Sales and labour market figures to be published, all preceding the more relevant EMU’s flash CPI for the month of May.

EUR/GBP key levels

The cross is now losing 0.24% at 0.7591 and a breakdown of 0.7562 (low May 25) would expose 0.7530 (200-day sma) and finally 0.7310 (low Jan.5). On the other hand, the initial hurdle aligns at 0.7748 (20-day sma) followed by 0.7758 (high May 23) and then 0.7793 (100-day sma).