EUR/GBP slides farther below 0.87 handle on Greece worries, German CPI next

Haresh Menghani FXStreet

The EUR/GBP cross remained heavily offered for the second consecutive session and extended its pull-back from near 2-1/2 month highs touched last Friday.

The latest news reports that Greece threatened to opt out of £7.5bn in debt repayments due in July, if Brussels blocked a debt deal at the next meeting of Euro-area minister on June 15th, was seen weighing heavily on the shared currency and has been a key driver of pair's retracement back below the 0.8700 handle.

Against the backdrop of incoming UK election polls, revealing a tighter race for the upcoming UK general election on June 8, and the latest Brexit developments, the already weaker sentiment surrounding the British Pound helped limited further losses, at least for the time being.

Moving ahead, traders on Tuesday would now take cues from the release of German prelim CPI print for May and with no macroeconomic data due for release from the UK, renewed worries over Greece's financial situation now seems to act as a key determinant of the pair's movement on Tuesday.

Technical levels to watch

A follow through weakness below 0.8675 level (session low), the cross is likely to accelerate the slide towards 0.8650-45 support en-route 0.8625-20 area. Meanwhile on the upside, any recovery move back above the 0.8700 handle now seems to confront resistance near 0.8725-30 region, which if cleared could lift the cross beyond Friday's swing high resistance near mid-0.8700s towards 0.8775 level ahead of the 0.8800 handle.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.