EUR/GBP upside faltered near 0.8630 ahead of UK, EMU data

After reaching daily highs near 0.8630 during overnight trade, EUR/GBP has now retraced to the 0.8620/15 band.

EUR/GBP attention to German data, risk trends

Both the Sterling and the shared currency are trading in tight ranges today amidst a persistent recovery of the greenback.

In addition, risk appetite in the global markets seems to have deflated somewhat following yesterday’s boost after oil producers have struck a preliminary deal to cut oil production (likely to be formalized in November).

In the data space, EMU’s Economic Sentiment and September’s advanced inflation figures in Germany will take centre stage later in the European morning, while BoE’s Consumer Credit, Mortgage Approvals and M4 Money Supply are all due across the Channel.

In the meantime, the European cross is navigating the lower bound of the recent range after Wednesday’s pullback to test the 0.8600 neighbourhood.

EUR/GBP key levels

The cross is now losing 0.09% at 0.8610 and a breakdown of 0.8555 (low Sep.23) would aim for 0.8525 (20-day sma) and finally 0.8464 (low Sep.15). On the other hand, the next up barrier is located at 0.8717 (high Sep.26) ahead of 0.8727 (2016 high Aug.16).