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EUR/GBP: Recovery stalls near 0.7080

FXStreet (Mumbai) - A sudden upward rally in the EUR/GBP lost steam near hourly 100-SMA at 0.7075 and the prices fell back in the red zone on the back of renewed sell-off seen in EUR/USD.

EUR/GBP deflates to familiar range

Currently, the EUR/GBP pair trades -0.10% lower at 0.7064, retreating from fresh session highs posted at 0.7079 shortly after European open. The cross returned to familiar ranges around 0.7050-60 region as the EUR/USD pair witnessed fresh selling pressure as the European stocks recover losses.

However, the losses remain capped as the cable remains weak amid rising demand for the US dollar after the comments from Fed member Dudley, citing that Fed is on track to normalize monetary policy path soon.
Meanwhile, the cross will continue to track the sentiment on the European markets and the Euro zone final CPI figures due out later this session.

EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7075/79 (1h 100-SMA/ daily high), above which it could extend gains to 0.7096/0.7100 (1h 200-SMA/ round number). To the downside immediate support might be located at 0.7023 (daily low) below that at 0.6981 (June low).

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