FXStreet (Guatemala) – EUR/GBP is currently trading at 0.7103 with a high of 0.7119 and a low of 0.7070.
EUR/GBP has been on the bid with the pound offered throughout the markets this Thursday, only finding some slight relief on US Nonfarm Payrolls while EUR takes more advantage of the sell off in the greenback.
EUR/GBP price action
EUR/GBP has been been drifting to the upside from 0.7085 within a channel within a process of lower lows up to aforementioned highs and on to the 0.71 handle where resistance keeps a lid on further advances at this stage, with supply taking over at time of writing down to test the bulls commitments around the figure.
EUR/GBP fundamentals as we await Greece referendum
It has been a day for US data while markets await the possible referendum this weekend in Greece for further catalysts while talks between Eurogroup and Athens have ceased until an outcome form the weekends events. The European session was less liquid ahead of the Nonfarm Payrolls results that failed to support the dollar and hence a rise in both Sterling and the euro with the cross on the bid. Nonfarm Payrolls resulted in 223k vs 230k expected and 254k previous.
EUR/GBP technically on a minor recovery of bearish gap
EUR/GBP is making a good recovery from 0.7010 region and of the downside from 0.7112 yesterday and remains within the overall bullish development post the bearish opening gap at the start of this week. Meanwhile, Karen Jones, chief analyst at Commerzbank noted the technical conditions surrounding EUR/GBP and how EUR/GBP recently charted a key day reversal from the base of the 0.6985 6 year down channel.
(Market News Provided by FXstreet)