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EUR/GBP in red, hovering over 0.7400

FXStreet (Edinburgh) - After bottoming out in the 0.7380 area, EUR/GBP has managed to pick up pace once again and is currently flirting with the 0.7400 handle.

EUR/GBP bid on GBP weakness

The cross is prolonging its recovery backed by the increasing selling interest surrounding the sterling, now looking to regain ground after the drop from daily tops around the 0.7440 region.

In the data space, mixed releases from the UK docket passed by largely unnoticed today. In the same line, EUR paid little attention to auspicious results from EMU’s confidence and sentiment gauges. Next of relevance in the cross will be the preliminary readings of the German inflation figures for the current month.

EUR/GBP relevant levels

As of writing the cross is losing 0.06% at 0.7406 and a break below 0.7381 (low Sep.29) would open the door to 0.7335 (low Sep.28) and then 0.7303 (low Sep.25). On the flip side, the initial hurdle lines up at 0.7440 (high Sep.29) followed by 0.7483 (high May 7) and finally 0.7500 (psychological level).

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