EUR/GBP rebounds to 0.7370

By FXStreet FXStreet (Edinburgh) – The selling pressure around the sterling is now growing bigger, sending EUR/GBP to recover further ground towards the 0.7370 area.

EUR/GBP weaker on GBP-selling

The euro and the pound are navigating opposite paths so far. While EUR is looking to clings to some sort of consolidative pattern, the offered tone in GBP is rapidly building up, giving further sustain to the daily upside in the cross.

There is no particular reason explaining the increasing selling mood surrounding the pound, which has already helped the cross to rebound from weekly lows in sub-0.7200 levels on Monday.

EUR/GBP relevant levels

As of writing the cross is down 0.24% at 0.7351 with the next support at 0.7303 (low Sep.25) ahead of 0.7238 (low Sep.23) and finally 0.7196 (low Sep.21). On the flip side, a break above 0.7370 (high Sep.25) would expose 0.7394 (high Sep.1) and then 0.7411 (high Sep.24).
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Source:: FX Street