EUR/GBP hits new session highs near 50-DMA

The cross in the EUR/GBP reversed a part of yesterday’s losses and now extends higher towards 0.7900 levels, largely driven by broad euro strength.

EUR/GBP eyes 0.7900

Currently, the EUR/GBP pair trades 0.08% higher near fresh session highs of 0.7885, looking to reclaim 0.79 barrier. The cross caught a fresh bid-wave as the EUR/USD pair moved-off lows and now swings back towards 1.14 handle

While the cable trades modestly higher ahead of the UK industrial production data, providing some support to the upside in EUR/GBP. Next on tap remains the UK industrial figures, which will provide fresh momentum on the pair.

EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7900/18 (round figure/ daily R2), above which it could extend gains to 0.7948/50 (Mar 31 High/ psychological levels). To the downside immediate support might be located at 0.7851/42 (20-DMA/ daily S2) below that at 0.7800 (round number).