EUR/GBP Breaking Higher Above 0.7900, Awaits UK Data
The cross in the EUR/GBP
rebounded sharply this Wednesday, reversing a two-day slide, as the
pound lost footing across the board heading into the UK jobs report.
EUR/GBP eyes 5-DMA at 0.7930
Currently, the EUR/GBP pair trades 0.27% higher at 0.7911, near fresh
session highs reached at 0.7913 last minutes. The EUR/GBP cross is seen
making minor-recovery attempts from three-week troughs, mainly driven by
renewed weakness in the pound against the US dollar following this
week’s rise.
While the EUR/USD trades largely subdued, retreating from session tops
amid board based US dollar recovery, while markets remain wary ahead of
ECB Draghi’s speech later today. Next of note for the cross remains the
UK labour market report, which will provide further momentum on the
prices.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7960/77 (10-DMA &
20-DMA), above which it could extend gains to 0.8000 (psychological
levels). To the downside immediate support might be located at 0.7880
(50-DMA) below that at 0.7825 (Mar 29 Low).
