EUR/GBP flirting with 0.8400 ahead of UK CPI

The now softer tone around the Sterling is helping EUR/GBP to clinch daily highs in the boundaries of 0.8400 the figure.

EUR/GBP attention to inflation data in UK

The European cross seems to have resumed its upside momentum following Monday’s retracement, now eyeing the 0.8400 handle in response to an increasing selling bias hitting GBP.

Ahead in the session, UK’s inflation figures are expected to show the CPI rising 0.4% on a year to June, while EMU’s ZEW Survey could see the Economic Sentiment falling to 12.3 for the current month influenced by the ‘Brexit’ vote.

EUR/GBP key levels

The cross is now advancing 0.45% at 0.8392 facing the initial up barrier at 0.8627 (2016 high Jul.6) ahead of 0.8651 (high Aug.28 2013) and then 0.8712 (high Jul.17 2013). On the flip side, a breach of 0.8248 (low Jul.14) would aim for 0.8233 (23.6% Fibo of 0.7595-0.8627) and then 0.8202 (low Jun.29).