EUR/GBP is eroding part of yesterday’s advance, trading around 0.8380 ahead of the opening bell in Euroland.
EUR/GBP bounces off 0.8310
The European cross is looking to extend the rebound from Tuesday’s fresh YTD lows in the 0.8300 neighbourhood amidst a better tone in the risk-associated space.
Both the single currency and the Sterling remain bid in a context of generalized USD-weakness this week, although GBP stays the best G10 performer following the sharp pick up in response to May’s call for snap elections last Tuesday.
Further news from the UK showed the House of Commons voted 522-13 in favour of early elections on June 8th, backing May’s proposal.
EUR/GBP key levels
The cross is now retreating 0.08% at 0.8373 facing the immediate support at 0.8334 (low Apr.19) seconded by 0.8312 (2017 low Apr.18) and finally 0.8298 (low Dec.5 2016). On the upside, a breakout of 0.8514 (high Apr.18) would expose 0.8527 (20-day sma) and then 0.8568 (55-day sma).