The now softer note around the sterling is allowing EUR/GBP to claw back some gains around the 0.7860 area ahead of the opening bell in Euroland.
EUR/GBP looks to EMU’s releases, risk
The cross is looking to stabilize the recent leg lower after last week’s fresh YTD tops in the boundaries of 0.7950 while markets are slowly coming back after the 4-day inactivity due to Easter holidays.
Data wise in the euro area, M3 Money Supply and Private Sector Loans are only due, although market participants will be closely following today’s speech by Chief J.Yellen in light of recent comments by Fed members supporting higher rates.
EUR/GBP key levels
The European cross is now gaining 0.09% at 0.7862 facing the next resistance at 0.7947 (2016 high Mar.24) ahead of 0.8007 (monthly high Dec.16 2014) and finally 0.8041 (monthly high Nov.19 2014). On the other hand, a breakdown of 0.7819 (20-day sma) would expose 0.7752 (55-day sma) and then 0.7650 (post-ECB low Mar.10).
(Market News Provided by FXstreet)