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FxWirePro: EUR/GBP unfazed by upbeat UK Retail Sales data, set to extend gains above 0.90 handle

EUR/GBP chart - Trading View 

EUR/GBP remains unfazed by upbeat UK Retail Sales data, extends previous session's gains.

The pair was trading 0.14% higher on the day at 0.9031 at around 08:40 GMT, bias is bullish.

Data released earlier today showed UK retail sales came in at +12.0% over the month in May vs. +5.7% expected and -18.1% previous. 

The core retail sales stood at +10.2% MoM vs. +4.5% expected and -15.2% previous. On an annualized basis, the UK retail sales stood at -13.1%. Core retail sales also decreased -9.8%.

On the other side, the selling pressure around the single currency appears to have subsided. Focus in Europe will be on the EU Leaders Summit for further impetus.   

EUR/GBP trades with a bullish technical bias. Momentum is bullish, volatility is rising and GMMA confirms bullish trend for near and far-term.

Scope for test of 61.8% Fib at 0.9183. Weakness only below 110-EMA at 0.8807. 
 

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