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EUR/GBP shoots to 0.7070, session highs

FXStreet (Edinburgh) - The softer tone around the sterling is now pushing EUR/GBP to test daily tops in the 0.7065/70 band.

EUR/GBP stronger on GBP weakness

The European cross has seen its upside intensified following an increasing selling pressure around the sterling. A dovish tone from BoE officials at today’s Inflation Report Hearings has sent the pound lower, whereas auspicious resulst from the German IFO have given extra legs to the single currecy.

Ahead in the session, US GDP figures during the third quarter will be the main event today, with consensus expecting the economy to have expanded at an annual pace of 2.0%.

EUR/GBP important levels

As of writing the cross is up 0.50% at 0.7067 facing the next hurdle at 0.7101 (23.6% Fibo of 0.7496-0.6979) ahead of 0.7195 (100-day sma) and finally 0.7239 (55-day sma). On the other hand, a break below 0.6985 (low Nov.17) would open the door to 0.6948 (low Aug.5) and then 0.6934 (2015 low Jul.17).

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