EUR/GBP shed some gains, still near 0.8600

The softer tone in the single currency and the sterling has prompted EUR/GBP to leave the area around 0.8600 and give away some pips to the current 0.8590/85 band.

EUR/GBP focus on risk trends

The return of the bid sentiment around the greenback has prompted the risk-associated currencies to retrace part of the ground lost since Monday, although the European cross has so far managed to keep the trade at shouting distance from YTD tops near 0.8630 posted in early July.

Nothing scheduled on the UK docket today, while final July’s inflation figures in France and Italy are only expected in this side of the Channel.

EUR/GBP key levels

The cross is now losing 0.05% at 0.8587 facing the initial support at 0.8429 (20-day sma) followed by 0.8383 (23.6% Fibo of 0.7595-0.8627) and then 0.8248 (low Jul.14). On the upside, a breakout of 0.8600 (high Aug.10) would aim for 0.8627 (2016 high Jul.6) and then 0.8651 (high Aug.28 2013).