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EUR/GBP at fresh session highs as stocks drop

FXStreet (Mumbai) - The bid tone on the EUR improved as the European stocks turned red, pushing the EUR/GBP cross to a session high of 0.7251.

Inflation to hit target without delays – Draghi

The EUR received additional support from the ECB’s Draghi, how expressed confidence that the inflation is likely to hit the target without undue delays.

The shared currency had lost its upward momentum against the Pound in early Europe due to the uptick in the stock markets. However, the equities erased gains to trade with moderate losses, which pushed the cross higher.

EUR/GBP Technical Levels

At 0.7250, the immediate resistance is seen at 0.7278 (38.2% of 0.6931-0.7493), above which the gains could be extended to 0.73 handle. On the other hand, a break below 0.7237 (50% of 0.7493-0.6981) would expose 0.7212 (50% of 0.6931-0.7493), under which the losses could be extended to 100-DMA at 0.7206 and 200-DMA at 0.7199.

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