EUR/GBP clings to near-daily highs around 0.8590 ahead of German inflation data

• EUR/GBP edges higher in the European session on Wednesday.
• The Euro makes consolidative moves post higher inflation data, downbeat economic data.
• The sterling remains under pressure amid risk aversion, Brexit jitters.

After touching the 0.8600 psychological mark in the previous session’s, EUR/GBP continues to trades higher in the European  session. The pair confides in a narrow trade band ahead of crucial fundamental data.

At the time of writing, EUR/GBP is trading at 0.8573, up 0.06 % for the day.

The shared currency gathers continues to gather momentum despite downbeat economic data. 
It is worth noting that S&P 500 Futures were trading up at 4,509 with 0.88% gains. The Eurozone annual inflation rate accelerated to 3% in August, from 2.2% in the previous month, much higher than the market forecast of 2.7%.

Meanwhile, the European Central Bank (ECB) Vice President Luis de Guindos expected inflation to scale up in 2021, future policy decisions depend on how the economy, inflation develop.

It is worth mentioning that S&P 500 Futures are trading at 4522, down 0.13%.

On the other hand, the British pound remained under pressure on the continued aftermaths of the Brexit. According to the latest data from the British Retail Consortium, UK shop prices rose last month is a sign that lorry driver shortage and the costs of Brexit-induced red tape started to hit household budgets.

As for now, traders are waiting for the German Retails Sales data, EU Markit Manufacturing Purchasing Managers Index (PMI) data, Unemployment Rate to gauge the market sentiment.

EUR/GBP additional levels