FXStreet (Edinburgh) – The softness around the sterling plus a better tone in the euro is giving strong support to the daily upside in EUR/GBP.
EUR/GBP supported at 0.7050
The European cross is extending its march north on Friday, advancing for the third consecutive session and bouncing off the recent lows in the mid-0.7000s. It seems the sterling keeps suffering the recent disappointing data from the UK GDP during the first quarter, opposed to the upbeat releases in Euroland.
Ahead in the session, the US GDP Annualized followed by the Reuters/Michigan index will be the main highlights, although headlines from Greece and the G7 meeting in Dresden will keep investors entertained.
EUR/GBP levels to watch
At the moment the cross is advancing 0.56% at 0.7188 with the next up barrier at 0.7200 (high May 29) ahead of 0.7216 (daily cloud base) and then 0.7219 (21-d MA). On the other hand, a breakdown of 0.7100 (low May 28) would open the door to 0.7057 (low May 27) and finally 0.7036 (low Mar.12).
The softness around the sterling plus a better tone in the euro is giving strong support to the daily upside in EUR/GBP…
(Market News Provided by FXstreet)