EUR/GBP flirting with highs near 0.7960, BoE eyed

The British pound remains under pressure today, allowing the current rebound in EUR/GBP to daily tops in the 0.7960/65 band.

EUR/GBP looks to BoE, data

The European cross has resumed its upside today after yesterday’s test of sub-0.7900 levels, while GBP remains fragile on concerns over ‘Brexit’ and rising selling bias on GBP/JPY following the steady hand of the BoJ at its meeting earlier in the Asian session.

Next on tap for the cross will be UK’s Retail Sales and the BoE MPC meeting and minutes. On this side of the Channel, final May CPI figures are due in the euro area

EUR/GBP key levels

The cross is now gaining 0.44% at 0.7961 and a breakout of 0.7987 (high Jun.13) would expose 0.8000 (psychological level) and then 0.8119 (2016 high Apr.7). On the other hand, the immediate support lines up at 0.7852 (55-day sma) ahead of 0.7822 (100-day sma) and finally 0.7757 (low Jun.7).