EUR/GBP extends the rangebound theme below 0.8800

EUR/GBP is extending its consolidative pattern so far this week below the key 0.8800 hanlde following the renewed offered bias around the Sterling and the single currency.

EUR/GBP supported around 0.8750

The sideline theme is poised to extend further today in the European cross, attempting to stabilize in the lower end of the recent range following the drop from 2017 tops in the vicinity of 0.8880.

On the EUR-side, the softer tone remains well and sound during the first half of the week following multi-month tops vs. the greenback, while market participants keep waiting for the ECB minutes due on Thursday.

The recent upbeat momentum in GBP seems to have eased somewhat in past sessions, although Brexit concerns and a more hawkish BoE stay poised to drive the sentiment in the second half of the year.

In the data space, UK’s construction PMI missed estimates in June at 54.8, down from May’s 56.0.

EUR/GBP key levels

The cross is now down 0.01% at 0.8782 and a breach of 0.8758 (low Jul.3) would expose 0.8715 (low Jun.16) and finally 0.8646 (low Jun.8). On the other hand, the next up barrier is located at 0.8798 (10-day sma) seconded by 0.8848 (high Jun.21) and then 0.8865 (2017 high Jun.9).