EUR/GBP muted around 0.9220 after UK GDP

The EUR/GBP cross traded with a mild negative bias for the first time in previous five trading session, albeit had a muted reaction to the UK macro data. 

The cross held steady near 0.9215-20 band and moved little after the second estimate of the UK GDP print for Q2 2017 matched the preliminary release and come-in to show a q-o-q growth of 0.3%. 

The data did little to provide any immediate respite for the GBP bulls and prompt any meaningful profit-taking slide, even after the pair's recent upsurge of over 300-pips since the beginning of this month.

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The cross, however, has failed to gain any fresh traction and was being weighed down by a mildly offered tone surrounding the EUR/USD major. 

Against the backdrop of a dovish BoE tilt, uncertainty over Brexit talks and expectation of a possible ECB tapering, sooner rather than later, dip buying interest might continue to limit any immediate sharp downslide for the cross. 

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Technical levels to watch

Any subsequent pull-back below the 0.9200 handle now seems to find immediate support near 0.9175-70 area, which if broken could trigger a corrective slide back towards the 0.9135-30 region.

On the upside, the 0.9235-40 region now becomes an immediate hurdle, which if cleared is likely to lift the pair towards Oct. 2016 highs resistance near 0.9260-65 zone en-route the 0.9300 handle.