EUR/GBP stronger, flirting with 0.8400

The now renewed selling mood around the Sterling is helping EUR/GBP to advance to session highs in the 0.8400 neighbourhood.

EUR/GBP boosted by GBP-weakness

The European cross climbed to fresh 2-day tops around the 0.8400 handle in response to increasing downside pressure on the Sterling after the key Services PMI in the UK economy has missed consensus for the current month.

In the meantime, the cross seems to have found quite decent support in the 0.8300 region during this week against the backdrop of choppy trade and lack of clear direction in the global markets.

EUR/GBP key levels

The cross is now advancing 0.78% at 0.8398 facing the initial up barrier at 0.8428 (high Jul.19) followed by 0.8627 (2016 high Jul.6) and then 0.8651 (high Aug.28 2013). On the flip side, a breach of 0.8248 (low Jul.14) would aim for 0.8233 (23.6% Fibo of 0.7595-0.8627) and then 0.8202 (low Jun.29).