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EUR/GBP rises to fresh session highs near 0.7280

FXStreet (Mumbai) - The cross in the EUR/GBP extends towards 0.73 barrier in the European morning, recovering sharply from session lows struck in early moves, largely on the back of broad euro strength.

EUR/GBP finds good support near 0.7260

Currently, the EUR/GBP pair rises 0.20% to fresh session highs posted at 0.7284, now extending the recovery towards 0.73 handle. The EUR/GBP cross keeps pushing higher mainly driven by strengthening EUR/USD on the back of rising risk-aversion further fuelled by the mixed performance seen in the European stocks.

However, the pair struggles to extend gains further as the pound remains better bid against its American counterpart in a data-quiet European session.

EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7342 (Sept 17 High) levels and above which it could extend gains to 0.7375 (Sept 3 High) levels. To the downside immediate support might be located at 0.7262 (Today’s Low) below that at 0.7237 (Sept 9 Low).

GBP/USD: Bulls exhausted near key Fib resistance

The GBP/USD pair ran into a wall of resistance at 1.5568 levels, which is the 61.8% retracement of 1.5819-1.5162 and 38.2% retracement of July 14-May 15 plunge.
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