EUR/GBP trims gains, deflates near 0.8470

EUR/GBP remains on a tight range at the beginning of the week, now giving away its earlier gains and re-visiting the 0.8470/65 band.

EUR/GBP focus on risk trends

The European cross is unable to find some traction so far today, while both the Sterling and the single currency are posting small gains against the backdrop of a selling bias in the greenback.

Ahead in the session, the risk appetite trends will remain the exclusive drivers for the price action amidst absent releases in both sides of the Channel.

Looking ahead, UK’s inflation figures are due tomorrow, followed by the labour market report on Wednesday and Retail Sales on Thursday.

EUR/GBP key levels

The cross is now advancing 0.06% at 0.8471 and a surpass of 0.8506 (resistance line prev support and 20-day sma) would aim for 0.8528 (50% Fibo of Aug-Sep drop) and then 0.8575 (61.8% Fibo of Aug-Sep drop). On the other hand, the immediate support lines up at 0.8329 (low Sep.6) ahead of 0.8248 (low Jul.14) and then 0.8181 (100-day sma).