Majors maintained within their early set Asian ranges in the European session as seemingly consolidating ahead of key fundamentals later this week, whether it was the US and their divested economy or central banks taking the decision on interest rates this week.

The euro zone data did not manage to do much to the euro as it is consolidating today after the strong upside wave it led; all the data came inline with expectations expect the revision to the yearly GDP to 2.2% from the previous advanced estimate of 2.3%; the euro managed to trade lower and acquire momentum from declining to as low as 1.5170s and now have inclined once more to break slightly its Asian high set to now at 1.5208 and still is trading near those levels.

Meanwhile, the construction PMI did sterling no good as well as it came below median estimates and practically softness in the sector is justified noting the slowing properties market, and actually it is still above the marginal 50 meaning its growing and slowing output is at this stage good as with falling prices and lower demand the last thing we need is added stockpile to the market. The pound fell as low as 1.9812 to rebound strongly from that level as it provides good demand on the pound the highest was set before at 1.9882 while at the time sterling is trading slightly higher from its opening levels near 1.9860s.

The en is attempting to take the pair into 102 territories once more setting the lowest at the time at 102.98 and is currently trading near while the high is still intact at those Asian levels of 103.56; the pair must progress to the upside to around 103.80s to cover yesterday's gap while falling to the 102 once more will cancel the current consolidation that targets the upside and change the sentiment to further downside slides.