EUR/GBP clings to gains near 0.7600, UK GDP eyed

EUR/GBP is posting decent gains at the end of the Asian session following positive performances of the sterling and the shared currency.

EUR/GBP bounces off 0.7560

The European cross has managed to regain the 0.7600 neighbourhood after dropping to fresh 3-month lows in the 0.7560 on Wednesday, in response to an abrupt up move of the British pound.

Absent releases in the euro area today, the attention will shift to the UK’s GDP figures for the first quarter, expected at 2.1% on an annualized basis and 0.4% QoQ.

EUR/GBP key levels

The cross is now up 0.12% at 0.7600 and a breakout of 0.7758 (high May 23) would expose 0.7803 (20-day sma) and then 0.7862 (55-day sma). On the other hand, the immediate support is located at 0.7565 (low May 25) followed by 0.7523 (low Jan.22) and finally 0.7310 (low Jan.5).