Following the sharp upsurge witnessed earlier in the month, the EUR/GBP pair closed the previous week virtually unchanged and continues to have a difficult time finding direction on Monday. As of writing, the pair was down 0.05% on a daily basis at 0.8652.

Earlier in the day, the data published by Eurostat showed that the Construction Output in the euro area contracted by 2.1% on a monthly basis in February. This reading came in worse than the market expectation for an increase of 0.2% but failed to trigger a meaningful market reaction as investors remain on the sidelines ahead of key events. Technical Analysts and Researchers at Commerzbank, thinks that EUR/GBP will come under pressure if it fails to break above the late February high at 0.8732