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EUR/GBP erased daily gains

FXStreet (Córdoba) - The euro was rising on Friday against the pound but during the New York session lost momentum and turned negative. EUR/GBP approached weekly highs that lie at 0.7897 and bounced to the downside.

During the American session bottomed at 0.7863 and ahead of the end of trading in Wall Street, remains near the lows.

EUR/GBP rises for the second week in a row

Despite falling on Friday, the euro is headed toward the second weekly gain in a row, extending the recovery from 2-years lows. EUR/GBP dropped to 0.7765/70 at the beginning of the month and since then rose more than a hundred pips.

The rebounded from the lows found resistance below the 0.7900 area that capped the rally. The mentioned is a key level that worked as a support during July and August, and now is resistance.

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