GBP selling accelerates, EUR/GBP revists daily highs

By FXStreet FXStreet (Mumbai) – The EUR/GBP pair made an attempt to take out the daily high of 0.7645 as the offered tone around GBP gathered pace.

Rejected at 0.7642

The cross fell short few pips from the daily high and turned lower from 0.7642 to trade around 0.7635 levels. The British Pound suffered across the board despite absence of any fresh fundamental news out of the UK.

Moreover, BOJ’s negative rates failed to result in GBP strength, considering the fact that the BOE is still expected to move rates to higher. Meanwhile, the uptick in the Eurozone inflation figure showed by the data released today also appears to have helped the EUR gain ground.

EUR/GBP Technical levels

The immediate resistance is seen at 0.7666 (Jan 27 high), which if taken out would open doors for a rally to 0.7755 (Jan 20 high). On the other hand, a break below 0.7603 (5-DMA) could send the prices lower to 0.7561 (daily low).
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Source:: FX Street