EUR/GBP stuck in a range ahead of UK retail sales and ECB meeting

The EUR/GBP cross held within a 50-pip trading band between 0.8300-0.8350 and is currently hovering around the mid-point of day's range, awaiting for fresh impetus from ECB rate decision. 

The pair on Wednesday once again faced rejection above 0.8400 handle and erased all of its gains posted in the previous trading session as better-than-expected UK jobs data forced traders to cover their bearish GBP bets.

On Thursday, the pair has managed to hold 0.8300 handle but is seen struggling for direction as traders seemed reluctant to take any direction bets ahead of this week's key event risk, ECB monetary policy decision. 

Ahead of the ECB, traders await for the release of UK monthly retail sales data, which could further add to the recent slew of positive releases and could provide additional respite to the British Pound. 

Technical levels to watch

A sustained break below 0.8300 handle now seems to drag the cross below recent swing lows support near 0.8250, towards its next major support near 0.8200 round figure mark. On the flip side, momentum above session peak resistance near 0.8350 might continue to confront strong resistance near 0.8400-0.8420 region. Only a sustained move back above 0.8400-0.8420 important resistance might negate expectations of near-term corrective move and help the pair to resume its near-term bullish trend.