EUR/GBP making another attempt to reclaim 0.7900

The continued sell-off in the cable provides extra legs to the upside in EUR/GBP, now keeping the cross in close vicinity of 0.79 handle.

EUR/GBP holds above major DMAs

Currently, the EUR/GBP pair rallies +0.80% to 0.7893, easing-off fresh more-than three-week highs printed earlier at 0.7906 levels. The EUR/GBP cross witnessed a bullish opening this Monday, after the pound slumped across the board amid resurgence of Brexit concerns after the latest polls showed Leave Camp jumping into the lead.

However, the upside remains capped ahead of 0.79 barrier as the cable moved-off lows on the recent news release, citing that the British MPs’ are considering to use majority' in a bid to keep UK in single market. Further, a weaker EUR/USD pair amid broad based US dollar rebound after Friday’s sell-off also keeps the gains in check.

Amid a data-quiet trading session today, all eyes remain on Fed Yellen’s speech about the economic outlook and monetary policy at the World Affairs Council of Philadelphia's luncheon.

EUR/GBP Technical Levels   

To the upside, the next resistance is located at 0.7916/22 (Daily R1/ May 12 High) above which it could extend gains to 0.7947 (May 4 High). To the downside immediate support might be located at 0.7826/21 (50 & 5-DMA) below that at 0.7800 (round number).