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EUR/GBP points higher, near 0.7470

FXStreet (Edinburgh) - The offered tone around the sterling remains the main driver behind the daily upside in EUR/GBP, which is testing fresh tops in the 0.7470/80 band.

EUR/GBP firmer on GBP-selling

The European cross is already trading in multi-month peaks and at shouting distance from May tops at 0.7483, backed by the slump in GBP and the good performance of EUR.

In addition, MPC member G.Vlieghe has hinted at the fact that the pound remains strong, while according to MPC member I.McCafferty, disinflationary pressures in the UK economy are transitory.

On the data front, UK consumer prices have come in on the softer side during September, while the German ZEW Survey have also disappointed expectations for the current month.

EUR/GBP relevant levels

As of writing the cross is up 0.75% at 0.7471 and a surpass of 0.7483 (high May 7) would pave the way towards the psychological levels at 0.7500 and 0.7600. On the other hand, the immediate support lines up at 0.7362 (up trend from September low) followed by 0.7300 (55-d sma/psychological level) and then 0.7196 (monthly low Sep.22).

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