EUR/GBP Attempts Recovery Towards 0.80 Ahead of BOE
The cross in the EUR/GBP found fresh bids below the mid-point of 0.79 handle, and from there embarked upon the recovery mode amid broad GBP weakness.
EUR/GBP regains 20-DMA at 0.7969
Currently,
the EUR/GBP pair trades 0.47% higher at fresh session highs of 0.7975,
extending its recovery from 0.07936 lows. The EUR/GBP cross picked-up
significant strength in the late-Asian trades after the pound fell
deeper in the red amid broad based US dollar rally.
Moreover, the
GBP bulls remain on the side-lines and refrain from placing big bets
ahead of the Bank of England (BOE) monetary policy meeting scheduled
later this session.
However, the recovery remains contained below
0.80 barrier as the shared currency also edges lower versus the
greenback on expectations of subdued Euro zone CPI figures.
EUR/GBP Technical Levels
To
the upside, the next resistance is located at 0.8000 (round numbers),
above which it could extend gains to 0.8025/24 (10-DMA/ 1h 200-SMA). To
the downside immediate support might be located at 0.7953/50 daily
pivot/ psychological levels) below that at 0.7925 (Apr 13 Low).
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