EUR/GBP hits fresh 16-month highs above 0.8020

By FXStreet The euro rose further against the pound and hit a new 16-month high. EUR/GBP is trading around the highs, holding a bullish tone above 0.8030.

EUR/GBP strong bounce

The pair is climbing as GBP/USD tumbles below .4200 and while EUR/USD falls but more modestly. Yesterday the euro pulled back against the pound, after a 3-day rally when it rose from 0.7850 to 0.8015.

The retreat found support yesterday at 0.7960 and then bounced to the upside and accelerated during the last hours after it rose back above 0.8000. EUR/GBP peaked at 0.8032, the highest level since November 19, 2014.

EUR/GBP: Levels to watch

To the upside, resistance level might be seen at 0.8035/40 (Nov 2014 high), 0.8050 (psychological) and 0.8070 (Sep 2014 high). On the opposite direction, support might now be seen at 0.8000 (Asian session high), 0.7978 (daily low) and 0.7960 (Apr 4 low).
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Source:: FX Street