FXStreet (Edinburgh) – The softer tone around the single currency keeps the price action in EUR/GBP subdued on Friday.
EUR/GBP in multi-day troughs
The European cross is falling uninterruptedly since Monday, re-visiting multi-day lows in the 0.7240 area so far, mainly as a consequence of the EUR losing upside momentum.
Adding to the selling pressure in the cross, the sterling’s performance has been quite steady, managing to survive the increasing concerns coming from the Greek fragile situation and grabbing some support from some UK positive releases.
EUR/GBP key levels
As of writing the cross is up 0.24% at 0.7312 with the next resistance at 0.7387 (high Jun.4) ahead of 0.7400 (psychological level) and 0.7419 (high May 1). On the other hand, a breakdown of 0.7284 (low Jun.11) would expose 0.7267 (low Jun.8) and finally 0.7253 (low Jun.3).
(Market News Provided by FXstreet)