EUR/GBP registers a tepid recovery, still trading below 0.7700

By FXStreet After dipping below 0.7700 handle on Thursday, for the first time since early March, the EUR/GBP pair is attempting a tepid recovery to currently trade with marginal gains near 0.7675.

Diminishing ‘Brexit’ fears supported by Wednesday’s relatively stronger UK jobs report and a sharp rebound in UK retail sales on Thursday has led the British Pound to outperform against its European counterpart.

The pair now seems to digest its sharp fall of over 2.5% during the week by consolidating in a tight trading range below 0.7700 handle.

Levels to watch

The cross might now face immediate hurdle at 0.7770 handle, beyond which the recovery could get extended towards its previous strong support now turned resistance near 0.7720-25 area.

On the downside, yesterday’s low near 0.7650 seems to protect immediate downside, which if broken has the potential to continue dragging the pair towards its next major support near 0.7620 level.
For more information, read our latest forex news. …read more

Source:: FX Street