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EUR/GBP rises above 0.7900

FXStreet (Córdoba) - The euro advanced further against the sterling and reached the strongest level in three weeks. EUR/GBP broke above 0.7890 and jumped to 0.7916, currently trades at 0.7905, up 0.36% for the day.

The pound is falling in the currency market for the second day in a row as it remains weak following the Bank of England’s Quarterly Inflation Report, that signaled that interest rate might rise later that previously estimated.

EUR/GBP testing importante resistance

From yesterday’s low the pair has risen more than a hundred pips, climbing from a key support level above 0.7800 to test an important resistance. Many recent daily lows and highs are located in the area between 0.7900 - 0.7910. A consolidation above, could gave further support to the euro.

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