EUR/GBP clinches highs above 0.8630 on UK, EMU data

The now softer tone around the British pound has allowed EUR/GBP to advance to daily highs in the vicinity of 0.8640.

EUR/GBP bid after UK, EMU data

The European cross has gathered extra pace after releases in the UK showed M4 Money Supply has expanded at a monthly 0.9% during August, while BoE’s Consumer Credit rose more than estimates near £1.6 billion during the same period.

On the not-so-bright side, Mortgage Approvals have come in short of consensus at 60.058K.

On this side of the Channel, EMU’s Economic Sentiment and Business Climate have improved to 104.5 and 0.45 for the current month, respectively.

The cross has now recovered the positive territory, adding to yesterday’s gains and recovering further ground after Tuesday’s sharp retracement.

EUR/GBP key levels

The cross is now advancing 0.17% at 0.8636 facing the next hurdle at 0.8717 (high Sep.26) ahead of 0.8727 (2016 high Aug.16). On the flip side, a breakdown of 0.8571 (3-month support line) would aim for 0.8555 (low Sep.23) and then 0.8525 (20-day sma).