EUR/GBP recovery capped around 0.7080

FXStreet (Edinburgh) – The better tone in the single currency continues to push EUR/GBP higher, although gains remain limited by the 0.7080 area.

EUR/GBP focus on Greece, German CPI

The European cross remains on the back footing at the beginning of the week, with the developments in Greece being the main catalyst of the price action in the global markets so far. Market participants will nonetheless remain vigilant ahead of the referendum to be held on Sunday, with the last rumours stating that PM A.Tsipras have requested a bailout extension.

In the data space, UK’s Mortgage Approvals and Consumer Credit disappointed investors, while Economic Sentiment and Business Climate have followed suit.

EUR/GBP levels to watch

The cross is now losing 0.33% at 0.7066 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).

The better tone in the single currency continues to push EUR/GBP higher, although gains remain limited by the 0.7080 area…

(Market News Provided by FXstreet)