EUR/GBP Tests Highs Near 0.7840

EUR/GBP Tests Highs Near 0.7840

8 June 2016, 10:29
Roberto Jacobs

EUR/GBP Tests Highs Near 0.7840

A bout of selling pressure saw EUR/GBP briefly testing daily highs in the 0.7840 area before deflating a tad to the current 0.7825/20 band.

EUR/GBP focus on UK data

The European cross is reverting part of Tuesday’s drop to the mid-0.7700s, bolstered by a selling bias around GBP while EUR keeps a steady performance.

GBP will take centre stage later in the session with the release of UK’s Industrial/Manufacturing Production along with the NIESR GDP Estimate. Adding to GBP volatility, results from the UK-EU Referendum polls will continue to drive the sentiment.

EUR/GBP key levels

The cross is now gaining 0.22% at 0.7877 and a break above 0.7906 (high Jun.6) would aim for 0.7947 (high May 4) and then 0.8119 (2016 high Apr.7). On the flip side, the next support lines up at 0.7754 (low Jun.7) ahead of 0.7742 (20-day sma) and finally 0.7562 (low May 25).


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