FXStreet (Edinburgh) – EUR/GBP is gradually prolonging its rebound from the initial test of the mid-0.7000s, currently flirting with the 0.7090 area.
EUR/GBP weaker post-referendum
The European cross is following the risk-off mood in the rest of the global markets following the ample victory of the ‘No’ vote in Greece on Sunday. In spite of the current bull run in the euro, the cross still remains mired in the negative territory, facing the interim hurdle at the 0.7100 handle.
In the data front, German Factory Orders contracted less than estimated 0.2% MoM in May. Next on tap will be EMU’s Sentix index and housing prices in the UK tracked by Halifax.
EUR/GBP key levels
At the moment the pair is retreating 0.51% at 0.7092 and a break below 0.7054 (low Jul.6) would expose 0.6988 (2015 low Jun.29) and then 0.6900 (psychological level). On the other hand, the initial resistance lines up at 0.7127 (high Jun.30) ahead of 0.7168 (high Jun.29) and finally 0.7211 (high Jun.22).
(Market News Provided by FXstreet)