EUR/GBP Upside Faltered Ahead of 0.7700

EUR/GBP Upside Faltered Ahead of 0.7700

1 June 2016, 08:14
Roberto Jacobs
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EUR/GBP Upside Faltered Ahead of 0.7700

Yesterday’s abrupt drop of the sterling has allowed EUR/GBP to recover ground lost, although the bull run lost momentum just below 0.7700 the figure.

EUR/GBP looks to UK releases

The European cross keeps extending its rebound from recent multi-week lows in the mid-0.7500s, backed by a steady stance in the single currency after last week’s drop and quite a moderate correction in the British pound.

Key data releases in both Euroland and the UK will keep the cross in the limelight, as UK’s Manufacturing PMI and credit figures in the UK economy are due along with final May PMI readings in the euro area.

EUR/GBP key levels

The cross is now gaining 0.10% at 0.7679 and a breakout of 0.7758 (high May 23) would expose 0.7795 (100-day sma) and then 0.7851 (55-day sma). On the other hand, the next support lines up at 0.7562 (low May 25) followed by 0.7531 (200-day sma) and finally 0.7310 (low Jan.5).


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