EUR/GBP sidelined near 0.7740 ahead of ZEW

EUR/GBP is extending its weekly consolidative pattern around 0.7740 on Tuesday ahead of the ZEW Survey in Germany.

EUR/GBP focus on ZEW

The European cross continues to navigate the low-0.7700s today, unable to gain further traction in response to the lack of catalysts in both the shared currency and the sterling.

Ahead in the session, the only release of note will be the German/EMU ZEW Survey, with consensus expecting the Economic Sentiment to have improved a tad for the current month. Later in the Old Continent, the Eurogroup meeting is also expected to kick in, although the FX impact will likely be limited.

EUR/GBP key levels

The cross is now down 0.10% at 0.7739 facing the next hurdle at 0.7791 (100-day sma) followed by 0.7825 (20-day sma) and then 0.7947 (monthly high May 4). On the flip side, a breach of 0.7647 (low May 19) would expose 0.7523 (low Jan.22) and finally 0.7524 (200-day sma).