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EUR/GBP reaches 1-week high

FXStreet (Córdoba) - EUR/GBP continued to build on yesterday’s gains and printed a fresh 1-month high as the pound continues to lag despite disappointing Eurozone economic data.

EUR/GBP broke above the 0.7930 area and climbed to its highest level in a month at 0.7955 but the 100-day SMA offered resistance. At time of writing, the pair is trading at 0.7940, recording a 0.19% gain on the day.

From a broader view, EUR/GBP has been on a steady recovery ever since bottoming out at a 2-year low of 0.7755 early this month.

EUR/GBP levels to watch

In terms of technical levels, immediate resistances are seen at 0.7955 (100-day SMA), 0.7968 (Sept 17 high) and 0.8000 (Sept 16 high/psychological level).On the other hand, supports are seen at 0.7905 (intraday low), 0.7867 (10-day SMA) and 0.7850 (Oct 13 & 12 lows).

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