EUR/GBP eases-off highs on UK retail sales

FXStreet (Mumbai) - The cross in the EUR/GBP eased-off session highs and shed some gains following the release of in line with estimates the UK’s retail trade figures.

EUR/GBP slips from 0.7315 session highs

Currently, the EUR/GBP pair rises 0.29% to 0.7308, retreating from session peaks of 0.7315. The EUR/GBP cross keeps bid tone intact although erased partial gains as the pound in response to the UK retail sales data which matched estimates.

Total retail sales volumes picked up pace slightly in August by 0.2%, above previous month's downwardly revised 0% growth, and in line with market estimates. Sales excluding fuel slowed to 0.1% from a revised 0.3% in July.

Whilst, the euro remains stronger against the US dollar as risk-aversion hits the European markets ahead of the Fed decision.

EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7375 (Sept 3 High) levels and above which it could extend gains to 0.7400 levels. To the downside immediate support might be located at 0.7272 (Today’s Low) below that at 0.7243 (Aug 31 Low).