EUR/GBP bounces off 0.6990

FXStreet (Edinburgh) – A bout of EUR strength is now pushing EUR/GBP back above the 0.7000 handle, after dropping to fresh 2015 lows in the 0.6990 area.

EUR/GBP breached 0.70 on Greece

The cross has broken below the 0.70 psychological support during the Asian hours on Monday in response to the Greek developments over the weekend. The euro is reacting accordingly so far, dragging the cross to ytd lows although it has managed to pick up pace and regain 0.70 and beyond.

The pound is also benefiting from quasi-safe haven inflows, as the selling pressure on the single currency continues to build up while the sterling keeps its resilience almost intact.

EUR/GBP levels to watch

The cross is now losing 0.30% at 0.7067 with the next support at 0.6988 (low Jun.29) ahead of 0.6900 (psychological level). On the flip side, a breakout of 0.7126 (high Jun.26) would aim for 0.7148 (high Jun.24) and finally 0.7211 (high Jun.22).

A bout of EUR strength is now pushing EUR/GBP back above the 0.7000 handle, after dropping to fresh 2015 lows in the 0.6990 area…

(Market News Provided by FXstreet)