- EUR/GBP trades with modest intraday losses around 0.8740 ahead of UK Retail Sales data.
- The cross keeps the bullish stance as the cross holds above the 50- and 100-hour EMA.
- The first resistance level is located at 0.8765; 0.8713 acts as an initial support level for the cross.
The EUR/GBP cross retreats from 0.8765 to 0.8740 during the early European session on Friday. Traders await the United Kingdom (UK) Retail Sales data for October. The monthly Retail Sales are expected to rise by 0.3% while the Retail Sales ex-Fuel is estimated to climb by 0.04% MoM. The weaker-than-expected data could exert some selling pressure on the British pound (GBP) against the Euro (EUR).
According to the four-hour chart, EUR/GBP keeps the bullish stance as the cross holds above the 50- and 100-hour Exponential Moving Averages (EMAs). Furthermore, the Relative Strength Index (RSI) stands in bullish territory above 50, supporting the buyers for now.
The first upside barrier is located near the upper boundary of the Bollinger Band and a high of November 16 at 0.8765. A decisive break above the latter will see a rally to a high of May 3 at 0.8835. The additional upside filter to watch is a high of April 25 at 0.8865.
On the flip side, the 100-hour EMA at 0.8713 acts as an initial support level for the cross. A breach of the latter will see a drop to the lower limit of the Bollinger Band at 0.8695. Further south, the next contention level is seen near a low of November 1 at 0.8682.
EUR/GBP four-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks

EUR/USD extends losses to near 1.0900 ahead of Fed decision
EUR/USD stays under bearish pressure and trades near 1.0900 on Wednesday. The cautious market mood ahead of the Federal Reserve's monetary policy announcements support the US Dollar and makes it difficult for the pair to hold its ground.

Gold retreats slightly from record-high, holds steady above $3,030
Gold stays in a consolidation phase after having set a new record-high above $3,040 earlier in the day. Investors refrain from taking large positions before the Federal Reserve announces monetary policy decisions and releases the revised Summary of Economic Projections.

GBP/USD drops toward 1.2950 on renewed USD strength ahead of Fed decision
GBP/USD pulls away from the multi-month high it touched above 1.3000 and edges lower toward 1.2950 on Wednesday. The pair struggles with the US Dollar gathering strength amid a broad risk-aversion, as all eyes turn to the Federal Reserve’s interest rate decision for fresh impetus.

Federal Reserve set to keep interest rate unchanged amid US recession fears and Trump tariff concerns
Market participants widely anticipate the US central bank to leave policy settings unchanged for the second consecutive meeting, after cutting the interest rate by 25 basis points (bps) to the 4.25%-4.5% range in December.

Tariff wars are stories that usually end badly
In a 1933 article on national self-sufficiency1, British economist John Maynard Keynes advised “those who seek to disembarrass a country from its entanglements” to be “very slow and wary” and illustrated his point with the following image: “It should not be a matter of tearing up roots but of slowly training a plant to grow in a different direction”.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.