EUR/GBP gathers strength above 0.8300 after downbeat UK Retail Sales data

EUR/GBP strengthens to around 0.8330 in Friday’s early European session, up 0.17% on the day.

The UK Retail Sales came in at -0.7% MoM in October vs. 0.1% prior. 

Expectations for more aggressive rate cuts by the ECB might cap the Euro's upside.

The EUR/GBP cross gains momentum to near 0.8330 during the early European session on Friday. The Pound Sterling (GBP) weakens after the release of UK Retail Sales data for October. Later on Friday, traders await the preliminary Eurozone HCOB Purchasing Managers Index (PMI) and the European Central Bank's (ECB) President Lagarde speech for fresh impetus. 

Data released by the Office for National Statistics (ONS) on Friday showed that UK Retail Sales declined 0.7% MoM in October versus a 0.1% increase (revised from 0.3%) in September. This figure came in below the market consensus of -0.3%. Meanwhile, Retail Sales, stripping the auto motor fuel sales, fell by 0.9% MoM in October, compared to a 0.1% rise (revised from 0.3%) in the previous reading, missing the estimation of a 0.4% decline.