EUR/GBP Tests Support

The pound inched higher as Britain’s retail sales showed a smaller-than-expected contraction in May. The euros came under pressure at 0.8640 for lack of momentum. The bulls have sought support in the demand zone between 0.8550 and 0.8570. A close above the said resistance could extend the rally to the recent peak at 0.8720, a step closer to a sustainable recovery in the medium-term. A bearish breakout though would send the euro to 0.8490 which is a key level to keep the two-month long recovery intact.

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