The increasing offered tone around the sterling is allowing EUR/GBP to clinch fresh highs above the 0.7900 handle on Wednesday.
EUR/GBP higher on ‘Brexit’ fears
Renewed and intensified concerns over the likeliness of a ‘Brexit’ scenario following the June referendum in the UK have prompted GBP-sellers to step in, pushing the European cross to trade at shouting distance from YTD highs beyond 0.7930.
The cross is advancing for the third consecutive session so far, after finding decent support in the 0.7770 area on Friday.
EUR/GBP key levels
The European cross is now up 0.35% at 0.7923 facing the next resistance at 0.7931 (2016 high Feb.25) and then 0.8000 (psychological handle). On the other hand, a breakdown of 0.7802 (20-day sma) would expose 0.7717 (55-day sma) and finally 0.7620 (50% Fibo of 0.7310-0.7931).
(Market News Provided by FXstreet)
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