EUR/GBP advances to highs near 0.8550

Pablo Piovano FXStreet

The now softer tone around the British pound is lifting EUR/GBP to the area of fresh tops near 0.8550 on Monday.

EUR/GBP recovers from Friday’s pullback

The European cross has regained upside traction at the beginning of the week, as the Sterling is accelerating its daily retracement and adding to last Friday’s post-Yellen drop.

Back to Euroland, nothing worth mentioning on the data front, while market participants continue to adjust to the events from the recent Jackson Hole Symposium and the prospects of a rate hike by the Fed sooner than later.

EUR/GBP key levels

The cross is now advancing 0.23% at 0.8543 facing the next up barrier at 0.8693 (high Aug.19) followed by 0.8727 (2016 high Aug.16) and then 0.8778 (high Jul.31 2013). On the other hand, a breach of 0.8482 (low Aug.24) would expose 0.8454 (support trend line off July’s low) and finally 0.8341 (low Aug.4).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD flirts with weekly lows near 1.1770

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GBP/USD threatens the 200-day SMA near 1.3440

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