EUR/GBP keeps pushing higher near 0.8740

Pablo Piovano FXStreet

The renewed daily decline in the Sterling is helping EUR/GBP to move further north of the 0.8700 handle to fresh 2-month tops.

EUR/GBP up on GBP-selling

The European cross has quickly regained the 0.8700 handle and above at the end of the week (levels last traded in late March) in response to the increasing offered bias hitting the British Pound.

The cross is thus posting gains for the third session in a row amidst a broader 5-week positive streak and gaining around 5% since YTD lows in the 0.8300 neighbourhood seen in mid-April.

EUR/GBP’s upside is also fuelled by the current slump in GBP/JPY, which is currently trading in fresh 4-week lows around 142.60.

Nothing scheduled data wise in Euroland or the UK, while market participants will likely look for direction to the US docket, where another revision of Q1 GDP is due.

EUR/GBP key levels

The cross is now up 0.68% at 0.8720 with the next up barrier at 0.8738 (high Mar 29) ahead of 0.8788 (high Mar.14) and finally 0.8860 (2017 high Jan.16). On the other hand, a break below 0.8670 (low May 26) would expose 0.8597 (200-day sma) and then 0.8564 (100-day sma).

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.

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