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EUR/GBP testing lows near 0.7360

FXStreet (Edinburgh) - The offered tone in the shared currency is prompting EUR/GBP to drift lower and test session lows in the 0.7365/60 band so far.

EUR/GBP upside halted near 0.7400

The recent upside in the European cross seems to have run out of steam in the proximity of the 0.7400 handle late on Tuesday, sparking the ongoing leg lower amidst a recovery in the US dollar.

Nothing of relevance in the data space in today’s session, with EMU’s Producer Prices and UK’s Construction PMI only due. Consensus sees producer prices contracting 0.1% from June to July, while the Construction PMI should improve to 57.5 in August.

EUR/GBP key levels

At the moment the cross is retreating 0.37% at 0.7365 and a breakdown of 0.7259 (low Aug.28) would aim for 0.7151 (low Aug.21) and then 0.7091 (low Aug.20). On the flip side, the initial hurdle aligns at 0.7398 (high Sep.2) followed by 0.7400 (psychological level) and finally 0.7423 (high Aug.24).

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