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Forex: EUR/GBP rejected from 2-week highs

The euro failed to sustain gains versus the pound as after rallying toward a 2-week high, EUR/GBP found resistance just ahead of the 0.8800 level and retraced gains during the American session.

EUR/GBP pulled back from a high of 0.8794 to the 0.8730 zone, erasing completely intraday gains and briefly turning negative, as the pound strengthened after the knee-jerk reaction to disappointing UK industrial data.

At time of writing, EUR/GBP is trading around 0.8740/50, where it is virtually unchanged since opening.

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