EUR/GBP reversed near the 0.7800 area and turned to the downside, erasing most of the gains amid a decline of the euro in the market.
The pair peaked at 0.7792, the highest level since March 2 and where the 20-day moving average currently stands. Then lost strength and lost 50 pips. Recently it dropped to 0.7737 and near the end of the American session EUR/GBP was trading at 0.7740/45, less than 25 pips above yesterday’s closing price.
EUR/GBP technical levels
To the upside, resistance levels might lie at 0.7770/75 (March 04 high), 0.7795 (daily high / 20-DMA) and 0.7815/20 (March 01 & 02 high). On the opposite direction support could be seen at 0.7725 (European session low), 0.7705 (23.6% Fibonacci retracement of 0.70 – 0.79) and 0.7690 (March low).
(Market News Provided by FXstreet)