EUR/GBP sidelined around weekly lows, near 0.8570

EUR/GBP is looking to consolidate the recent break below the 0.8600 handle following a solid rebound from the Sterling on Tuesday.

EUR/GBP in 2–week lows

The European cross is now alternating gains with losses near 0.8570 reflecting the generalized lack of direction in the global markets, in a context where the greenback is trading on a firm note and weighing on the risk-associated space.

Data wise today, German GDP figures is only due, while UK’s advanced Q2 GDP is expected on Friday.

EUR/GBP key levels

The cross is now gaining 0.05% at 0.8569 facing the initial resistance at 0.8727 (2016 high Aug.16) followed by 0.8778 (high Jul.31 2013) and then 0.8794 (high Mar.12 2013). On the other hand, a breakdown of 0.8548 (20-day sma) would expose 0.8341 (low Aug.4) and finally 0.8331 (55-day sma).