EUR/GBP advances to highs near 0.8550, UK data eyed

A now softer tone around the British pound is driving EUR/GBP higher to the mid-0.8500s, or session highs.

EUR/GBP attention to data

The European cross is picking up extra pace today following a persistent softness in GBP ahead of the today’s releases across the Channel: M4 Money Supply, Mortgage Approvals and BoE’s Consumer Credit.

EUR/GBP has started the week on the right footing, posting gains for the second session in a row while finding decent support in the 0.8500 neighbourhood for the time being.

Back to Euroland, German flash CPI for the current month is taking centre stage later in the session, along with EMU’s Business Climate and Consumer Confidence.

EUR/GBP key levels

The cross is now advancing 0.11% at 0.8547 facing the next up barrier at 0.8693 (high Aug.19) followed by 0.8727 (2016 high Aug.16) and then 0.8778 (high Jul.31 2013). On the other hand, a breach of 0.8482 (low Aug.24) would expose 0.8454 (support trend line off July’s low) and finally 0.8341 (low Aug.4).