- EUR/GBP seesaws between tepid gains/minor losses through the early part of the European session.
- Bets for more ECB rate hikes, the upbeat Eurozone data underpin the Euro and lend some support.
- Acceptance below the 100-day SMA warrants some caution before placing aggressive bullish bets.
The EUR/GBP cross struggles for a firm intraday direction on Tuesday and oscillates in a narrow trading band, just above the mid-0.8700s through the first half of the European session.
The Sterling Pound's relative outperformance comes amid the upbeat report by the British Retail Consortium (BRC), which showed that like-for-like retail sales rose by 4.9% in March and the total retail spending increased by 5.1% YoY. This, in turn, is seen as a key factor acting as a headwind for the EUR/GBP cross. That said, the recent mixed signals from the Bank of England (BoE) members over the next policy move hold back traders from placing aggressive bets.
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