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EUR/GBP is consolidated of recent downside; 0.7220 key support

FXStreet (Guatemala) - EUR/GBP has settled back below the highs scored on a rally from 0.7280 to aforementioned highs.

The cross has been attempting a recovery back onto the 0.73 handle after the UK reported decent jobs data again against a background of a bullish picture for the UK economy that Carney testified on yesterday leaving ideas down on the table that the BoE will be preparing to hike interest rates at the appropriate time.

Technically, EUR/GBP is sidelined and consolidated of the downside while further pressures are likely to be contained by the uptrend at 0.7220 and while it holds, according to Karen Jones at Commerzbank, an upside bias will remain intact.

"The market has recently failed at the top of a 6 month channel (.7405) and will need to clear the 0.7421 recent high to retarget the 0.7482 May high ahead of the 0.7468 55 week ma. We suspect from a longer term point of view that the market will fail in this vicinity."

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