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EUR/GBP eyes 0.70 ahead of UK bank stress results

FXStreet (Mumbai) - The British pound keeps the upper hand over its European counterpart in early moves, keeping EUR/GBP pressured just ahead of 0.70 barrier.

EUR/GBP capped below hourly 200-SMA

Currently, the EUR/GBP pair drops -0.13% to 0.7011, miring close to session lows struck at 0.7007 in late-Asian trades. The cross is seen consolidating the downside before a next leg lower, as the strength in the cable outweighs the corrective gains seen on the EUR/USD pair.

The pound continues to march higher versus its American counterpart heading into the Bank Stress Test report due out shortly. While EUR/USD continues its struggle to reclaim 1.06 handle as focus now shifts to a host of Euro zone economic updates scheduled for release this session.

Meanwhile, broad based US dollar correction extends into Europe while the sentiment on the European stocks is likely to influence the cross.

EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7033 (1h 50-SMA), above which it could extend gains to 0.7056 (Nov 27 High). To the downside immediate support might be located at 0.7000 (round number) below that at 0.6989 (Nov 23 Low).

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