EUR/GBP retreats from 0.7124

FXStreet (Mumbai) – The European currency keeps an edge over the British pound in the European session, with EUR/GBP lifted above 0.71 handle largely on the back off fresh bid wave caught by the single currency while the pound remains muted ahead of BOE Carney speech later today.

EUR/GBP supported at 0.7101

Currently, the EUR/GBP pair trades 0.10% higher at 0.7118, retreating from session highs at 0.7124. The cross in EUR/GBP defends mild gains this session mainly driven by fresh demand for EUR as traders gear up for the weekend negotiations between Greece and the Euro group.

Meanwhile, the cross is expected to remain supported amid a calm European session as there are no important sets of macro news, while Greece headlines crossing the wires during the day are likely to keep EUR,GBP traders busy.

Later in the session, Bank of England (BoE) Governor Mark Carney will speak, which might cause some volatility on sterling pairs.

EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7148 (June 25 High) levels and above which it could extend gains 0.7180 (June 23 High) levels. To the downside immediate support might be located at 0.7100 below that at 0.7078 (June 23 Low) levels.

The European currency keeps an edge over the British pound in the European session, with EUR/GBP lifted above 0.71 handle largely on the back off fresh bid wave caught by the single currency while the pound remains muted ahead of BOE Carney speech later today.

(Market News Provided by FXstreet)