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EUR/GBP keeps highs near 0.7360

FXStreet (Edinburgh) - EUR/GBP keeps inching higher this week, extending the rebound from Monday’s lows around the 0.7300 handle to overnight tops around 0.7360.

EUR/GBP looks to ECB for direction

It’s been an apathetic week so far. The absence of significant releases or events in both the UK and the euro area have left the price action to the mercy of flat risk appetite trends, relegating the cross to navigate a narrow range so far.

However, tomorrow’s ECB meeting carries the potential to be this week’s game-changer in light of recent comments by ECB officials and the likeliness that President Draghi could strike markets with a dovish tone.

EUR/GBP relevant levels

As of writing the cross is up 0.11% at 0.7354 with the next resistance at 0.7479 (downtrend from December’14) followed by 0.7492 (high Oct.13) and finally 0.7516 (61.8% Fibo of 0.7875-0.6935). On the other hand, a breakdown of 0.7312 (uptrend from August low) would expose 0.7216 (100-day ma) and then 0.7196 (monthly low Sep.22).

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