EUR/GBP bounces off 0.7600, GBP deflates

After a brief test of the 0.7600 neighbourhood, EUR/GBP has pulled itself together and is now returning to the 0.7620/25 area.

EUR/GBP bid on GBP-selling

The European cross managed to recover further following a bout of selling pressure around the sterling after a ‘Leave’ vote seemed to have regained some ground in latest poll results.

On this side of the Channel, EUR has practically ignored positive results from the key German IFO indicator and Consumer Climate tracked by Gfk.

Ahead in the session, another round of the Eurogroup meeting is about to kick in, while UK’s Q1 GDP figures will take centre stage tomorrow.

EUR/GBP key levels

The cross is now up 0.11% at 0.7622 and a breakout of 0.7791 (100-day sma) would expose 0.7813 (20-day sma) and then 0.7947 (monthly high May 4). On the other hand, the immediate support is located at 0.7602 (low May 25) followed by 0.7523 (low Jan.22) and finally 0.7310 (low Jan.5).