EUR/GBP erases losses, finds resistance at 0.7400

By FXStreet FXStreet (Córdoba) – EUR/GBP moved in ranges during most of the European session between 0.7375 and 0.7355; after the beginning of the US session broke to the upside and climbed to 0.7397 reaching a fresh daily high.

It was trading at 0.7381/84, around the same level it closed yesterday. Earlier it bottomed at 0.7354, reaching the lowest level since Monday.

EUR/GBP and 0.7400

Yesterday the pair decline sharply after posting a daily close on top of 0.7400 that is a key long term resistance. Headed toward Friday is going to important if the euro is able or not to post a weekly close significantly above 0.7400 as it would open the doors for further gains in the medium term.

Since February the 0.7400 handle has been capping the upside. If it holds below, EUR/GBP could continue to trade in the current range with support at 0.7250.
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Source:: FX Street